Two Singapore-based real estate asset managers are considering a merger that would create a property giant with more than $150B in assets under management.
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Discussions of a deal between Mapletree Investments and CapitaLand Investment are still in the early stages, The Wall Street Journal reports. If an agreement materializes, the merger process could begin as soon as next year and would eventually form one of Asia’s largest real estate firms.
Both companies have a global presence that spans from office and retail to multifamily and data centers.
Mapletree, a subsidiary of Singaporean sovereign wealth fund Temasek, has approximately $61.5B in AUM, with $9.3B in the United States, according to its annual report for 2024 and 2025.
CapitaLand oversees roughly $104B in AUM, $3.4B of which is in the U.S., UK and Europe, according to its 2024 annual report.
Both have told investors they are interested in growing in the U.S. CapitaLand said it plans to bump its funds targeting the U.S., UK and Europe from 8% to between 10% and 15% by 2028.
The potential merger may be part of Temasek’s consolidation effort. The state-run firm fully owns Mapletree and has a 54% stake in CLI.
Temasek oversees a nearly $333B portfolio, largely in Asia. It is the 11th-largest sovereign wealth fund in the world, according to the Sovereign Wealth Fund Institute.
In 2023, the firm merged Keppel Offshore & Marine and Sembcorp Marine to form Seatrium, creating what is now one of the world’s top rig builders.
Temasek also holds interests in some of the world's largest companies, including BlackRock, Standard Chartered Bank, Singapore Airlines and Singapore’s PSA International.
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