SINGAPORE (THE BUSINESS TIMES) – Mapletree Investments has closed its third non-public fund of the yr, Mapletree US Logistics Personal Belief (Muslog), at a complete fund fairness of US$1.4 billion (S$1.9 billion).
This brings the full non-public funds raised in 2021 to US$2.5 billion – the best ever raised in a yr, mentioned Mapletree on Wednesday (Dec 1).
The belief additionally locations the group among the many high 10 managers of logistics actual property within the US, the place it now manages 355 logistics property with property beneath administration (AUM) of US$6.9 billion totalling 6.5 million sq. metres (sq m) of internet lettable space.
Muslog itself includes 155 logistics property with internet lettable space of about 2.9 million sq m throughout 19 US states. The properties are located close to main logistics infrastructures reminiscent of cargo airports, ports, intermodal nodes and railways, the group identified.
The portfolio’s excessive occupancy of 95 per cent is supported by a tenant base from development sectors reminiscent of third-party logistics and end-user tenants, that are anticipated to profit from the structural uplift within the US logistics sector pushed by the proliferation of e-commerce demand.
With that, Mapletree mentioned Muslog, which has a weighted common lease expiration of 4.1 years, has set a goal of a 12 per cent inner fee of return (IRR), and is “absolutely invested” at closing with a complete asset worth of some US$3.3 billion.
The 12 per cent IRR goal represents each a yield plus development whole return from a resilient and income-generating portfolio, it added.
The group, in the meantime, famous that Muslog was properly acquired by a diversified group of recent and repeat buyers comprising pension funds, insurance coverage firms, funding firms, asset managers and household places of work.
Mapletree’s group chief govt officer Hiew Yoon Khong mentioned Muslog’s profitable syndication demonstrates the boldness buyers have in Mapletree’s fund administration and operational capabilities.
He added that Muslog brings the group’s international logistics AUM to US$18 billion, positioning Mapletree as one of many high 6 logistics gamers globally.
“The group will proceed to supply and develop high quality funding merchandise which are aligned with investor’s necessities and pursuits,” Mr Hiew mentioned.
Muslog will probably be Mapletree’s thirteenth non-public fairness fund.
Mentioning that Muslog will probably be managed by Mapletree Actual Property Advisors, Mapletree’s wholly-owned subsidiary, the group mentioned it is going to preserve a “sturdy alignment of curiosity” with buyers by retaining a minimal 20 per cent stake in Muslog.
That is much like its method with different Mapletree-sponsored non-public funds, it famous.
Other than Muslog, the 2 different funds which Mapletree had syndicated in 2021 are Mapletree US Earnings Business Belief, a US$552 million US workplace fund, and Mapletree Europe Earnings Belief, a 507 million euro (S$783.5 million) European workplace fund.