Mapletree Sells DC Area Sheds to Fund Manager Equus for $103M

Mapletree Investments has sold a set of warehouses near Washington DC to fund manager Equus Capital Partners for $102.6 million, as the Singaporean real estate player continues to cash out of its US industrial assets.

The 576,852 square foot (53,591 square metre) portfolio comprises six sheds within Collington Industrial Park in Maryland’s Prince George’s County to the east of the US capital, according to a LinkedIn announcement.

“The deal rounds out our third US warehouse divestment this year, coming after the July sale of a 2.4 million square foot portfolio of 10 bulk warehouse assets for $241.2 million, and the June sale of a 1.8 million square foot portfolio of 30 shallow-bay buildings for $328 million,” Mapletree said, adding that Cushman & Wakefield advised the Temasek-held firm on the disposal.

All three portfolios had been held by Mapletree US and EU Logistics Private Trust, a 2019-vintage fund with $4.3 billion in US and European assets under management at the vehicle’s inception.

Capital Region Connections

The Collington portfolio in Upper Marlboro is 90 percent leased and includes buildings ranging from 50,000 to 150,000 square feet. The industrial park’s location near the Route 301 and I-95 corridors provides access to the Washington, Northern Virginia and Baltimore metro areas, Equus said Thursday in a release.

The fund manager described Prince George’s County as a competitive environment for logistics and distribution, supported by robust demand and a growing tenant base.

“This acquisition aligns with our strategy to invest in well-located, income-producing light industrial assets with potential for future value creation,” said Tim Feron, senior vice president of acquisitions at Equus.

The Philadelphia-based firm manages and operates assets totalling over 30 million square feet of industrial space across the US, as well as other land assets capable of supporting an additional 3 million square feet of new industrial development.

Still Loving Logistics

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, when the firm owned and managed 70 million square feet of industrial assets in the country.

Mapletree told the Business Times in July that it remained “generally positive” on the outlook for logistics. 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 it recently acquired a 29 acre site near Chicago for development of a logistics facility spanning 418,880 square feet.

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.