Mapletree Investments has closed a new Australian private commercial trust, MASCOT Private Trust (MASCOT), at about A$654 million (S$608 million) in total fund equity.
MASCOT is fully invested at closing and owns 10 Grade A office assets that are strategically located in key Australian gateway cities namely – Sydney, Melbourne, Adelaide, Brisbane and Perth – with a total asset value of about A$1.4 billion (S$1.3 billion).
“The successful closing of MASCOT is a testament to the strong confidence that investors have in Mapletree’s fund management and real estate capabilities. The syndication of MASCOT is in line with the Group’s business model, which includes being an active capital manager in both the public and private markets that constantly seeks opportunities to structure attractive investment products for a wide spectrum of investors. Going forward, we will continue to originate investment products and syndicate new funds to grow our capital management business and fulfill the demand of our investors,” said Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer.
MASCOT, which has a term of five years with provision for two, one-year extensions, attracted a range of institutional investors including pension funds, insurance companies, regional banks and corporates as well as high net worth and family office investors.
With a total net lettable area of approximately 160,000 square metres, the portfolio’s occupancy stands at 94%.
The tenant pool comprises reputable occupiers from well-diversified industries such as the technology, media and telecom, government as well as mining, oil and gas.
MASCOT’s total return target of 12% represents both a yield plus growth opportunity from a strong, fully invested and income generating portfolio. The Trust will make distributions on a semi-annual basis in AUD. The closing of MASCOT follows a series of other European and United States funds in the logistics and student accommodation sectors Mapletree has syndicated over the last two years.