Mapletree secures over $635m for ‘Emerging Asia’ logistics strategy

About $317.5m (US$250m) of the commitments went to MEGA’s first close.

Mapletree Investments has secured more than $635m (US$500m) in equity commitments for the first close of its Emerging Asia logistics development strategy, spanning Malaysia, Vietnam, and India.

The amount comprises $317.5m (US$250m) committed to the first close of Mapletree Emerging Growth Asia Logistics Private Trust (MEGA).

It also includes more than $317.5m (US$250m) raised through a joint venture and direct co-investments in selected development projects in Malaysia.

The group said the investor base consists of sovereign wealth funds, a pension fund, and a national investment company.

It added that MEGA is seeking an additional $254m (US$200m) in capital commitments for a second close targeted by early next year.

Its initial seeded portfolio comprises four development projects in Malaysia, one development project in India, and two warehouses in Vietnam.

Together, MEGA, the joint venture, and the co-investments are expected to form a portfolio with a total investment value of $2.67b (US$2.1b) across the target markets when fully deployed.

MEGA is Mapletree’s 18th private real estate fund and the third in its recent series of logistics development-focused private funds.

It will be managed by Mapletree Real Estate Advisors, a wholly owned subsidiary of the group, whilst Mapletree will retain a minimum 20% stake in the fund.

$1 = US$0.79

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