Singapore-based Mapletree Investments has purchased two portfolios of 141 logistics assets in the United States for US$3 billion (S$4 billion).
The first portfolio acquired in July 2021 comprises 24 assets totaling 6.1 million square feet of net lettable area (NLA) across Dallas, Memphis, Greater Chicago, Central Florida and Boston. The portfolio has a high occupancy of 98.9% and has a weighted average lease to expiry (WALE) of 3.3 years.
The second portfolio acquired in September 2021, comprises 117 assets spanning 22.3 million sq ft of NLA across Greater Chicago, the Carolinas, Memphis, Houston and Washington DC / Baltimore. The portfolio is 94.1% occupied and has a WALE of 4.1 years.
“The US logistics sector is amongst the best performing and most resilient of all the real estate markets in which Mapletree operates globally. By combining these recently acquired assets with 14 logistics facilities that we currently own, we have attained sufficient scale and investor interest to create a fourth US focused private fund with a fully seeded portfolio of 155 logistics assets. Together with the assets under Mapletree US & EU Logistics Private Trust, or MUSEL, which we successfully syndicated in 2019, we now manage 355 logistics facilities with an AUM of US$6.9 billion (S$9.2 billion), totaling 70 million sq ft of NLA, propelling Mapletree into the top 10 managers of logistics real estate in the US,” said Michael Smith, Regional Chief Executive Officer of Europe and USA.
With these acquisitions, Mapletree will manage approximately US$14.8 billion (S$19.8 billion) of real estate across the US in the logistics, data centre, commercial, multi-family, serviced apartment and student accommodation sectors.
mapletree said the acquisitions bring its global logistics assets under management (AUM) to S$25.5 billion.