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Asian private equity firm Mapletree holds two fund closes totalling $1bn

8 Jul 2014

Japanese flag poleA pair of Japanese real estate funds managed by Mapletree have raised JPY57bn($560m) and JPY51bn respectively.

The firm’s Mapletree Japan office Fund raised the larger amount for a first close, and will primarily invest in income-producing office buildings located on the fringe of the Tokyo Central Business District and the Greater Tokyo area.

Mapletree held a final close for its Japan Logistics Development Fund, which will be tapped for projects in modern logistics in the “key hubs” of Japan, with a focus on build-to-suit facilities.

Both funds are expected to have lives of less than 10 years.

Mapletree said LPs investing in the funds were a mix of domestic and international investors, with 65 per cent repeat investors from the firm’s earlier funds.

A spokesman for the firm said that it would also be putting down GP commitments for the funds. He said, “To align its interests with those of its investors Mapletree will, as with its previous sponsored funds and REITs, hold a stake of between 30 and 40 per cent.”

The firm said that so far it has injected more than JPY16bn into four seed assets located in or on the fringe of Tokyo Central Business District using its Japan office fund. Mapletree’s Logistics Development Fund has one seed asset project.

The Mapletree Greater China Commercial Trust held an IPO last year and raised SGD1.6bn ($1.3bn), making it the largest real estate investment trust float on the Singapore Stock Exchange.

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