Mapletree Investments sold a 2.4M SF portfolio of Sun Belt industrial properties to EQT Real Estate for $241M as the Singaporean investor shakes up its warehouse portfolio.
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The deal follows Mapletree’s sale of a 1.8M SF industrial portfolio in June. Faropoint, a tech-enabled industrial investment firm, was the buyer in that $328M transaction.
The two deals are the first major U.S. warehouse divestments for Mapletree Investments, which has more than $60B in assets under management. About 25% of that is in the U.S., a market Mapletree entered in 2014.
“This divestment represents a strong outcome for our investors and affirms the value we’ve created across our U.S. industrial portfolio,” Mapletree U.S. CEO Richard Prokup said in a statement. “As we look ahead, we remain focused on reinvesting in premier warehouse assets that align with our long-term growth strategy.”
About four years ago, Mapletree was ramping up its U.S. industrial portfolio with $3B in acquisitions of 141 logistics properties totaling 28.4M SF.
Mapletree now owns and manages about 70M SF of industrial assets nationally. Its U.S. portfolio also includes data center, office, student housing and multifamily properties.
The divested assets were held under Mapletree US & EU Logistics Private Trust, a fund launched in 2019 with $4.3B in AUM. There were 262 properties in the fund’s original portfolio.
The portfolio being sold to EQT comprises 10 bulk warehouses in Georgia, Florida and Texas. The transaction is expected to be completed by the end of this year. Clayton Skistimas, Christina Buhl, Marc Alfert, Mark Chu and Steve Silk of Eastdil Secured represented Mapletree.
The sale to Faropoint comprises 30 shallow-bay warehouse buildings across Florida, Georgia, New Jersey, Pennsylvania and Texas. John Huguenard and Trent Agnew of JLL represented Mapletree.
