Media Resouces
Mapletree Successfully Closes Second Japan Logistics Development Fund
17 May 2024
  • Mapletree Japan Investment Country Private Trust ("MAJIC") is focused on the logistics sector in Japan and leverages Mapletree’s established on-the-ground presence, development and asset management capabilities 
  • Majority seeded with three logistics development projects in attractive locations, the Fund will benefit from the growth in the logistics sector which continues to be structurally under-supplied in terms of modern logistics facilities
  • Strong investors’ interest in our second Japan logistics development fund validates Mapletree’s proven track record in logistics globally

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 16th private equity fund and the 3rd in a series of funds focused on Japan.

For enquiries on Mapletree’s private funds, please email

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.



Elizabeth Koh
Heng Sue Yuan
Assistant Manager, Corporate Communications

Director, Corporate Communications
Mapletree Investments
Mapletree Investments
Tel: +65 6807 4072 Tel: +658338 9254


Headquartered in Singapore, Mapletree is a global real estate development, investment, capital and property management company committed to sustainability. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, the Group has established a track record of award-winning projects, and delivers consistent and high returns across real estate asset classes. 

The Group manages three Singapore-listed real estate investment trusts (“REITs”) and eight private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, Europe, the United Kingdom (“UK”) and the United States (“US”). As at 31 March 2023, Mapletree owns and manages S$77.4 billion of office, retail, logistics, industrial, data centre, residential and student accommodation properties. 

The Group’s assets are located across 13 markets globally, namely Singapore, Australia, Canada, China, Europe, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US and Vietnam. To support its global operations, Mapletree has established an extensive network of offices in these countries.

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