Mapletree Buys Two US Logistics Portfolios for $3B
The acquisitions have moved Mapletree into the top 10 managers of logistics real estate in the US.
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.
“The US logistics sector is amongst the best performing and most resilient of all the real estate markets in which Mapletree operates globally,” he notes. “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 $6.9 billion, totaling 70 million square feet of NLA, propelling Mapletree into the top 10 managers of logistics real estate in the US.”