SINGAPORE--Mapletree Investments has raised over US$500 million in commitments for its emerging Asia logistics development strategy.
Mapletree Investments secured US$250 million in commitments for the first close of its fund, Mapletree Emerging Growth Asia Logistics Private Trust, as well as more than US$250 million raised via a joint venture and direct co-investments into selected development projects in Malaysia, the Singapore real-estate asset manager said Tuesday.
The fund will focus on logistics development across Malaysia, Vietnam and India. These markets' growing consumption, manufacturing activity and supply-chain diversification continue to drive demand for modern logistics facilities amid tight supply of institutional-grade logistics space, said Mapletree.
The trust has an initial seeded portfolio comprising four development projects in Malaysia, one project in India and two warehouses in Vietnam. The trust, joint venture and co-investments are expected to comprise a portfolio with total investment value of US$2.1 billion when fully deployed, said the asset manager, which is owned by Singapore state-investment firm Temasek.
The latest fund is Mapletree's third focused on logistics development. Mapletree manages assets worth over 76.2 billion Singapore dollars, equivalent to US$59.85 billion, as of end-March.