NEW YORK CITY AND RADNOR, PA. — Mapletree, a global real estate development, investment, capital and property management company, has completed the sale of an industrial portfolio located along the East Coast for $575 million.
EQT Real Estate, an industrial owner-operator based in Radnor, was the buyer.
Totaling 4.4 million square feet, the logistics portfolio comprises 25 warehouse properties located in Connecticut, Florida, Georgia, New Jersey, North Carolina, Pennsylvania, Tennessee, Virginia and Washington, D.C.
Of the assets, 24 were held under Mapletree US & EU Logistics Private Trust (MUSEL), a closed-end private fund established in 2019. MUSEL launched with $4.3 billion in assets under management. The additional property included in the portfolio was held under the Mapletree US Logistics Private Trust (MUSLOG), a closed-end private fund launched in 2021 with a portfolio of 155 logistics properties totaling $3.3 billion in value.
“This divestment reflects the successful execution of our closed-end fund strategy and illustrates the strength of our U.S. industrial platform,” says Richard Prokup, CEO, U.S., at Mapletree. “Looking ahead, we remain confident in the logistics sector’s long-term fundamentals as we advance new development opportunities nationwide to grow our pipeline.”
Last year, Mapletree sold another portfolio to EQT for $242 million.
Mapletree, which is headquartered in Singapore, entered the U.S. real estate market in 2014 and holds its national headquarters in New York City. Currently, the company owns and manages more than 66 million square feet of industrial assets throughout the country, with a development pipeline of roughly 2.6 million square feet.
EQT Real Estate acquires, develops, leases and manages logistics and residential properties in the Americas, Europe and Asia. The firm manages about $58 billion in gross asset value; owns and operates over 2,000 properties spanning 400 million square feet; and employs more than 400 experienced professionals across 50 locations globally.
— Hayden Spiess