Mapletree raises €1.7b for first EU/US logistics fund

Singapore-based sovereign investor Mapletree Investments has raised €1.7 bn for its first pan-European and US logistics fund.

The MUSEL Private Trust fund comprises a total of 262 logistics assets in 20 cities in seven EU countries including Poland, France, Germany and Spain, and also in the US.

Spanning around 5.2 million m2, MUSEL has a committed portfolio occupancy of 94.3% and a WAULT of 4.4 years.

Its tenant base is diversified with consumer goods, third-party logistics and supporting industries and e-commerce tenants comprising two thirds of the portfolio by lettable area.

The portfolio is also located in established distribution centres within major logistics markets - particularly Poland - with access to key transport hubs.

Mapletree Investments is to keep a 34% stake in MUSEL, named Mapletree Real Estate Advisors.

Hiew Yoon Khong, Mapletree’s CEO said, ‘Despite the challenging macroeconomic global outlook, investors are attracted to the robust fundamentals of the logistics sector and resilience of our high-quality, income-producing logistics portfolio across the US and Europe.

‘Our success in syndicating this fund is testament to the strong confidence that investors have in Mapletree’s capital management and global real estate capabilities. Even with the current backdrop of economic uncertainty, the Group expects the portfolio to generate stable dividends and attractive total returns.’