Mapletree Investments Pte has announced the successful syndication of MUSEL Private Trust at approximately $1.8bn (about SGD2.6bn) in total fund equity.
MUSEL is a fully invested yielding portfolio comprising 262 logistics assets across 26 states in the United States and 20 cities across seven European countries at a total investment value of US$4.3bn (approximately SGD6.1bn). Spanning approximately 56m sq ft, it has a committed portfolio occupancy of 94.3% and a weighted average unexpired lease term of 4.4 years. According to Mapletree, its tenant base is well diversified with consumer goods, third-party logistics and supporting industries and e-commerce tenants comprising two thirds of the portfolio by lettable area.
The Trust will be managed by Mapletree Real Estate Advisors, a subsidiary of Mapletree. The Group will retain a 34% stake in MUSEL to align with investor interests.
Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer said: “Despite the challenging macroeconomic global outlook, investors are attracted to the robust fundamentals of the logistics sector and resilience of our logistics portfolio across the US and Europe. Even with the current economic uncertainty, the Group expects the portfolio to generate stable dividends and attractive total returns.”
According to the company, in both the US and Europe, consumer expectations of faster delivery times are re-shaping supply chains and delivery methods, resulting in high demand for infill locations for last mile delivery, as well as bulk warehouses for distribution over larger geographic areas. In addition, companies are actively re-designing their supply chains to improve efficiency and cost-effectiveness, which in turn is driving the demand for logistics space. In line with this, MUSEL’s properties in the US and in Europe are located in established distribution centres within major logistics markets and easy access to key transportation nodes.
The syndication follows a series of other fully-seeded funds that Mapletree has syndicated in the commercial sector in Australia and student accommodation sectors in United Kingdom and the US over the last three years. Going forward, the Group said it will continue to syndicate new funds to grow its capital management business and fulfil the demand of its investors.
Source: Mapletree Investments Pte Ltd
