Mapletree Notches Fifth US Logistics Disposal With $207.5M Sale to Dalfen

Mapletree Investments has sold a US logistics portfolio to last-mile specialist Dalfen Industrial for $207.5 million, as the Singapore-based group continues a string of disposals across its North American warehouse platform.

The transaction marks Mapletree’s fifth major US logistics divestment since June, with the company stepping up capital recycling from stabilised industrial assets. The portfolio comprises 19 properties spanning nearly 1.4 million square feet (130,000 square metres) across key markets including Dallas-Fort Worth, Chicago, Cincinnati and Indianapolis, the Temasek-owned investment manager said Thursday in a release.

The five US disposals represent the first exits from the Mapletree US & EU Logistics Private Trust (MUSEL), a 2019-vintage private fund through which the company assembled a portfolio of logistics properties across developed markets. Mapletree has concluded $1.3 billion in US logistics asset sales over the past 10 months.

“We’re pleased to deliver another strong result for our investors through this strategic disposition,” said Mapletree US CEO Richard Prokup. “As we redeploy capital, we are prioritising development opportunities that meaningfully advance the scale and competitiveness of our national industrial pipeline.”

Replenishing the Pipeline

Mapletree is cashing in this latest set of properties after having acquired three US warehouse development sites last year and another in 2024, setting up the firm to build as much as 1.4 million square feet of logistics space.

The Singaporean investor kicked off its latest string of US acquisitions with the purchase of a 22.5 acre (9.1 hectare) site in New Jersey’s Westhampton Township in December 2024. That project is planned to develop up to 250,000 square feet of floor space, with Mapletree having broken ground in July of last year.

In May 2025, Mapletree acquired an 18-acre site in Joliet, Illinois — southwest of Chicago — where it plans to develop a logistics facility of up to 312,306 square feet. The company broke ground on that project in November alongside its kickoff of development of a 149,100 square feet warehouse on an existing site in the western Chicago suburb of Bartlett, with delivery of both projects targeted for mid-2026.

Mapletree made a second acquisition in Joliet in September of last year, purchasing a 29 acre site where it plans to build a 418,880 square foot logistics facility. Construction on that project is scheduled to begin within this quarter, with completion expected in early 2027. Also last September, Mapletree acquired a 37 acre site in northeastern Pennsylvania where it plans to develop a 420,262 square foot logistics facility. That project is slated for completion in the fourth quarter of this year.

Mapletree’s sale to Dalfen follows the company’s $575 million sale of a US warehouse portfolio to EQT Real Estate last month. That transaction involved a 4.4 million square foot portfolio of 25 logistics assets across major distribution corridors along the US east coast.

The divestment was Mapletree’s second sale of US industrial properties to EQT in the past year, following July’s disposal of a 10-asset portfolio for $241.2 million. The second half of 2025 also saw the group offload a 30-asset portfolio to New Jersey-based fund manager Faropoint for $328 million and a set of sheds near Washington DC to fund manager Equus Capital Partners for $102.6 million.

Dalfen purchased the 19-asset Mapletree portfolio as part of a strategy to expand in infill submarkets, with a focus on shallow-bay assets offering leasing upside and diversified tenant bases. The Dallas-based investor targets last-mile logistics properties in supply-constrained locations, aligning with continued demand for urban distribution assets.

“This acquisition provides immediate scale in one of our highest conviction submarkets in Dallas-Fort Worth and the Midwest,” said president and CEO Sean Dalfen. “The portfolio’s infill locations, diversified tenancy and embedded mark-to-market opportunity align seamlessly with our strategy of aggregating last-mile industrial product in supply-constrained nodes.”

Tale of Two Strategies

Mapletree owns and manages more than 66 million square feet of industrial assets in 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 March 2025, the US accounted for 25 percent of Mapletree’s total assets under management, which stood at $60.1 billion.

Prokup told the Business Times this week that US industrial fundamentals remain stable, with early signs of improving demand and limited new supply supporting rental growth and income. He added that Mapletree’s US logistics funds are on track to deliver double-digit returns, with leasing supported by reshoring trends and supply chain reconfiguration.

That relative strength stands in contrast to the group’s student housing strategy, where Mapletree is reportedly winding down its $1.3 billion Global Student Accommodation Private Trust after the vehicle underperformed.

The fund generated a net internal rate of return of just 1.1 percent, far short of its 12 percent target, according to internal documents cited by Bloomberg, with rising interest rates and operational challenges weighing on performance and prompting asset sales to return capital to investors.