SINGAPORE - Mapletree Investments (“Mapletree” or “the Group”) is pleased to announce the successful closing of Mapletree Japan Investment Country Private Trust (“MAJIC” or “the Fund”). This is the Group’s second Japan logistics development fund and third fund focused on Japan, after prior successful funds in logistics development and office respectively, delivered strong performances and exceeded their original target returns. MAJIC is majority seeded with initial logistics development properties sourced by the Sponsor, providing good visibility in terms of the Fund’s deployment. The Fund is expected to achieve over JPY 110 billion (~S$1.0 billion)¹ in assets under management, after full deployment and all development projects are completed.

Mr Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer said, “Amid the uncertain economic climate, Japan remains a preferred investment destination in the Asia Pacific region. Interest from domestic and international investors in Japan continues to be driven by the overall resilience of its real estate sector and confidence in Japan’s continued economic performance after its emergence from decades of stagnation. MAJIC’s investor support is testament to the Group’s fund management track record, and proven success in logistics development strategies. MAJIC will build upon the success of our previous Japan funds, MJLD² and MJOF³, both of which delivered IRR in excess of 20%.”

The Fund is majority seeded with three logistics development projects comprising a forward purchase of a last-mile logistics property located next to Tokyo Bay, as well as land plots for development into modern logistics facilities located in central Kyoto and Sanbongi. All three assets feature quality specifications and are strategically located within or around major metropolitan areas that are close to logistics infrastructures such as cargo airports, ports, expressways, or industrial zones. The Fund will also continue to source quality logistics development projects for acquisition, in order to fully deploy the committed capital raised.

Demand for modern logistics facilities in Japan is expected to continue its outperformance, underpinned by the acceleration of e-commerce and third-party logistics, growth in advanced manufacturing activities and supportive regulatory changes. Leveraging the Group’s strong on-the-ground relationships and global development capabilities, MAJIC aims to deliver a strong logistics development pipeline that meets the demand for modern logistics facilities throughout key cities in Japan.

Mr Wong Mun Hoong, Mapletree’s Regional Chief Executive Officer, Australia and North Asia said, “As we navigate the challenging economic environment globally, Japan remains a resilient market that is tried and tested for investors aiming to invest in quality assets that provide attractive, risk-adjusted returns in the long run. Mapletree is focused on strengthening our foothold in this region to bring value to our investors through exposure to the country’s real estate sector.”

The Fund was well received by a well-diversified group of new and repeat investors comprising sovereign wealth funds, investment companies and family offices. Mapletree will maintain a minimum of 20 per cent stake in MAJIC, representing a strong alignment of interest with investors, similar to its approach with prior Mapletree-sponsored private funds. The Fund will be managed by Mapletree Real Estate Advisors Pte. Ltd., a wholly-owned subsidiary of Mapletree.

MAJIC will be Mapletree’s 16^th private equity fund and the 3^rd in a series of funds focused on Japan.

For enquiries on Mapletree’s private funds, please email PCM_Enquiries@mapletree.com.sg

Footnotes:
¹S$ exchange rate as at 30 April 2024
²Mapletree Japan Logistics Development Fund – Fund focused on logistics development in Japan, which exited in 2020.
³Mapletree Japan Office Fund – Fund focused office with a value-add strategy, which exited in 2019.

<END>