Dealmaker: Mapletree Acquires 141 Logistics Assets for $3 Billion

Mapletree Investments Ltd., Singapore, acquired two U.S. logistics portfolios totaling 141 assets for $3 billion.

The first portfolio, acquired in July, comprises 24 assets totaling 6.1 million square feet of net leasable area across Dallas, Memphis, greater Chicago, central Florida and Boston. The portfolio has a 98.9 percent occupancy rate with a 3.3-year weighted-average lease term remaining.

Mapletree acquired the second portfolio in September. It included 117 assets spanning 22.3 million square feet across greater Chicago, North and South Carolina, Memphis, Houston and the Washington D.C./Baltimore area. This portfolio is currently 94.1 percent occupied with a 4.1 year weighted-average lease term remaining.

“The U.S. logistics sector is amongst the best performing and most resilient of all the real estate markets in which Mapletree operates globally,” said Michael Smith, Regional CEO with Mapletree. He noted by combining the recently acquired assets with 14 logistics facilities the firm already owns, it will create a fourth U.S.-focused private fund with a fully seeded 155 logistics asset portfolio.

Mapletree now manages 355 U.S. logistics facilities totaling 70 million square feet, making it one of the 10 largest U.S. logistics real estate managers.

Mapletree said the assets are strategically located along transportation nodes in core logistics hubs. The tenant base includes companies in the third-party logistics, consumer goods, wholesale and e-commerce sectors.

In late September Mapletree Investments closed its maiden U.S. office fund, Mapletree U.S. Income Commercial Trust, with $552 million in equity raised. The fund targets a 12 percent internal rate of return.