Mapletree Investments Pte has agreed to sell a portfolio of warehouses located on the US East Coast to global real estate investment and operations leader EQT Real Estate for approximately $575 million. The transaction includes real estate assets totaling 4.4 million square feet (approximately 412,000 square meters), encompassing 25 warehouses spanning from Connecticut to Florida, according to a joint statement. These assets belong to two closed-end trust funds. The majority of the assets are held within the Mapletree US & EU Logistics Private Trust, with one property located in the Mapletree US Logistics Private Trust. The deal is expected to close this month, marking the company's fourth sale of US logistics assets within the past year. EQT Real Estate stated that this acquisition expands its in-fill logistics assets in the United States, highlighting the sustained growth in demand for warehouse space related to e-commerce and third-party logistics tenants. Mapletree launched the US & EU Logistics Private Trust in 2019, with total assets under management reaching $4.3 billion, covering up to 262 properties across the Americas and Europe. The US Logistics Private Trust was established in 2021, with assets under management of $3.3 billion, covering 155 US property assets. Mapletree owns and manages over 66 million square feet of US industrial real estate, with approximately 2.6 million square feet currently under development. According to the joint statement, as of March 31, 2025, US operations account for about 25% of its approximately $60 billion in assets under management. Jones Lang LaSalle Inc. represented Mapletree in this transaction. Mapletree Investments Pte Ltd is a Singapore-based global real estate development, investment, capital, and property management company, and is one of the enterprises under Singapore's sovereign investor, Temasek. The group manages multiple real estate investment trusts (REITs) and private funds, holding a diversified portfolio of real estate assets across 13 markets worldwide. Its portfolio includes various property types such as logistics, industrial, office, retail, residential, student accommodation, and data centers, with significant asset holdings and operational experience in the United States, Japan, Europe, and Asia. EQT Real Estate is the real estate investment and operations business segment of Swedish investment group EQT AB. Its parent company is a leading global private equity and asset management institution, managing assets exceeding hundreds of billions of dollars, with investments spanning private equity, infrastructure, growth capital, real estate, and venture capital. As its real estate investment platform, EQT Real Estate focuses on acquiring, developing, leasing, and managing commercial and industrial properties. It has established an extensive industrial presence across multiple major global markets, driving long-term asset value appreciation through thematic investment strategies and active operational management. EQT's $575 million acquisition of Mapletree's warehouse assets on the US East Coast signifies a critical period in its strategic expansion within the US industrial logistics real estate sector. This acquisition covers 25 warehouse properties along major transportation corridors such as I-95 and I-81, totaling over four million square feet. It aligns with EQT Real Estate's high-conviction investment theme focusing on "high-quality logistics assets in supply-constrained locations near population centers." EQT's decision to proceed with the acquisition at this time is driven by two factors: firstly, the sustained growth in US e-commerce and third-party logistics demand is fueling long-term, inelastic demand for premium warehouse space; secondly, the current market faces a relative scarcity of high-quality logistics assets, allowing EQT to leverage its capital strength and operational capabilities to enter at a relatively mature stage and realize future asset appreciation potential.
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