Singapore-based Mapletree Investments Pte Ltd has acquired two portfolios of 141 logistics assets in the US for around $3 billion. The company did not reveal the sellers.
The first portfolio acquired in July 2021 comprises 24 assets totaling 6.1 million square feet of net lettable area across Dallas, Memphis, Greater Chicago, Central Florida and Boston. The portfolio has a occupancy of 98.9% and has a weighted average lease to expiry of 3.3 years. The second portfolio acquired in September 2021, comprises 117 assets spanning 22.3 million square feet 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.
Mapletree has been building out its logistics footprint and with these two acquisitions now has sufficient scale to create a fourth US focused private fund seeded with 155 logistics assets, says the company's regional CEO of Europe and the US, Michael Smith.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
