Singapore’s Mapletree Buys U.S. Logistics Assets for $3 Billion
(Bloomberg) -- Mapletree Investments Pte, a Singapore-based property developer and manager, bought two portfolios of logistics assets in the U.S. for about $3 billion, adding to its global presence.
The properties will form a seed portfolio for a potential U.S. logistics private fund, the company said in a statement on Thursday. The purchases bring Mapletree’s global logistics assets under management to about S$25.5 billion ($18.7 billion).
The first portfolio includes 24 assets across Dallas, Memphis, greater Chicago, central Florida and Boston, with an occupancy rate of 98.9%, the company said. The second has 117 assets across greater Chicago, the Carolinas, Memphis, Houston and the area spanning Washington and Baltimore, with 94.1% occupancy, it said.
Mapletree, which is owned by Singapore’s state investment fund Temasek Holdings Pte, has real estate assets ranging from residential and industrial to data centers, retail space and lodging in markets around the world.
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