Mapletree Sells US Warehouse Portfolio to EQT for $575M in Fourth Stateside Disposal

Mapletree Investments has sold a 25-asset logistics portfolio to Sweden’s EQT Real Estate for $575 million, marking the Singaporean real estate player’s fourth major US warehouse disposal after closing three deals in rapid succession last year.

The portfolio was held by private funds and comprises warehouse properties across the US east coast, Mapletree said Thursday in a release. The sheds span more than 4.4 million square feet (408,773 square metres) of space and are situated in states including Florida, Georgia, the Carolinas, Pennsylvania and Virginia, as well as in Washington DC.

The divestment is Mapletree’s second sale of US industrial properties to EQT in the past year, following the trade of a 10-asset portfolio for $241.2 million — part of $691.1 million in total logistics asset disposals completed by the Temasek-owned investment manager in 2025.

“This divestment reflects the successful execution of our closed-end fund strategy and illustrates the strength of our US industrial platform,” said Mapletree US CEO Richard Prokup. “Looking ahead, we remain confident in the logistics sector’s long-term fundamentals as we advance new development opportunities nationwide to grow our pipeline.”

Fund Exits Continue

Of the 25 divested assets, 24 were held under Mapletree US & EU Logistics Private Trust, a closed-end private fund launched in 2019 with an initial $4.3 billion portfolio of 200 assets in America and 62 in Europe. The latest divestment represents the fourth milestone exit for investors of MUSEL, Mapletree said.

The remaining asset was held under the Mapletree US Logistics Private Trust, a closed-end private fund launched in 2021 with an initial $3.3 billion portfolio of 154 logistics properties across the US.

The portfolio sale is expected to reach full completion this month, when select remaining assets are scheduled to close.

EQT’s Exeter Property Group had previously sold US warehouses to Mapletree in 2021 as part of $3 billion in transactions announced by the Singapore firm at the time. In a separate statement on Thursday, the Stockholm-based private equity firm said it would deploy a “hands-on approach” to active management of the east coast portfolio through targeted leasing initiatives, site improvements and selective redevelopment as it seeks to drive long-term value.

“This investment reflects our high-conviction, thematic approach to investing in infill logistics across the US, where we see strong long-term demand for well-located industrial assets,” said Matthew Brodnik, chief investment officer of EQT Real Estate. “We believe the portfolio serves as a compelling addition to our US logistics platform and look forward to building on the portfolio’s strong fundamentals through our active ownership approach.”

Mapletree’s previous sale to EQT was announced last July, the same month in which the Singaporean firm revealed its disposal of a 30-asset portfolio of US industrial properties to New Jersey-based fund manager Faropoint for $328 million. Two months later, Mapletree sold a set of sheds near Washington DC to fund manager Equus Capital Partners for $102.6 million.

Mapletree owns and manages more than 66 million square feet of industrial assets across the US, with a development pipeline of 2.6 million square feet. Since entering the US real estate market in 2014, the group has acquired logistics, data centre, office, student housing and multi-family properties. As of last March, the country accounted for 25 percent of Mapletree’s total assets under management, valued at $60.1 billion.

Two Dutch Investments

On Friday, Mapletree disclosed its acquisition of Park 15, a newly completed warehouse project in the Netherlands, marking the company’s second Dutch logistics acquisition.

The facility comprises 30,817 square metres (331,711 square feet) of space in the heart of the Arnhem-Nijmegen metropolitan area in Oosterhout, the firm said in a release. The purchase from Netherlands-based VDG Real Estate follows Mapletree’s December acquisition of a 34,852 square metre development in Roosendaal from UK fund manager Verdion for €32.3 million ($34 million).

Since entering the European logistics market in 2018, Mapletree now has 83 assets accounting for €1.6 billion under management across eight countries. The Dutch sheds, along with properties acquired in England and Spain since late 2024, form the seed assets for Mapletree’s latest logistics-focused Europe strategy, the company said.

“Amid macroeconomic uncertainties, we are confident in the demand for European logistics space, which continues to demonstrate resilience and long-term growth potential,” said Ralph van der Beek, Mapletree’s CEO of commercial and logistics for Europe.

Temasek stablemate CapitaLand Investment’s largest industrial REIT is also growing its Europe footprint, announcing last week its acquisition of a logistics portfolio in Spain for S$185.4 million ($146.5 million).

The portfolio purchased by CapitaLand Ascendas REIT comprises two Grade A logistics assets in Madrid, Spain’s capital, and four Grade A logistics properties in Barcelona, the nation’s second-largest city, with some of the assets acquired from Logicor, a European platform purchased from Blackstone by China’s CIC sovereign fund in 2017.