Mapletree Selling US Warehouse Portfolio to EQT for $241M as Fund Divestments Continue

Mapletree Investments is offloading its second set of US warehouses in less than a month, with the Singaporean property player announcing the sale of a 10-asset portfolio to Sweden’s EQT Real Estate for $241.2 million.

The disposal of the 2.4 million square foot (222,967 square metre) portfolio of buildings in Florida, Georgia and Texas follows Mapletree’s June sale of 30 industrial properties to New Jersey-based fund manager Faropoint for $328 million. Both portfolios had been held by Mapletree US & EU Logistics Private Trust, a 2019-vintage fund with $4.3 billion in US and European assets under management at the vehicle’s inception.

The transaction with Stockholm-based EQT is expected to be fully completed by late 2025, Mapletree said in a release. The fund exits represent Mapletree’s first two major US warehouse disposals, as the Temasek-owned investment manager seeks to unlock capital for reinvestment.

“This divestment represents a strong outcome for our investors and affirms the value we’ve created across our US industrial portfolio,” said Mapletree US CEO Richard Prokup. “As we look ahead, we remain focused on reinvesting in premier warehouse assets that align with our long-term growth strategy.”

Trading Spaces

Formerly known as EQT Exeter, EQT Real Estate is a fund manager formed by the Swedish private equity firm and Philadelphia-based Exeter Property Group, which EQT acquired in 2021 for $1.9 billion. EQT Real Estate oversees more than $31 billion in equity across logistics and living strategies.

“Partnering with EQT to close this transaction is a significant achievement,” said John Paul Chua, director of US investment at Mapletree. “It showcases the commitment and teamwork shown by all sides throughout the process.”

The portfolio sales to EQT and Faropoint mark the first exits for investors in Mapletree US & EU Logistics Private Trust (MUSEL), which was launched six years ago with 200 assets in America and 62 in Europe spanning a total of 56 million square feet.

The US accounted for roughly 25 percent of Mapletree’s S$80.3 billion ($60.1 billion) in assets under management at the end of March. Mapletree owns and manages 70 million square feet of industrial assets in America, according to the firm, which was represented by Temasek-backed broker Eastdil Secured on the latest transaction.

Upbeat on Sheds

Mapletree last month posted a net profit of S$227.2 million ($176.4 million) for its fiscal year to the end of March, reversing a year-earlier loss of S$577.2 million, as revaluation losses eased and asset sales accelerated.

The firm told the Business Times recently that it remained “generally positive” on the outlook for logistics, an asset class that accounts for 42 percent, or S$33.7 billion, of Mapletree’s AUM. In the US, the company expects to break ground on a New Jersey logistics project on a 22.5 acre (9.1 hectare) site in the second half of 2025 and to continue buying land to develop.

Mapletree is also marketing a new logistics development vehicle, Mapletree Emerging Growth Asia Logistics Development Fund, with a focus on Malaysia, India and Vietnam. MEGA will comprise development assets of up to $1.8 billion and is due to close this year.