Billion Dollar Club: REITS

BDC REITs

The winners of the REIT sector for this year’s Billion Dollar Club (BDC) are evenly spread. Mapletree Pan Asia Commercial Trust (MPACT) was the overall sector winner, while Mapletree Industrial Trust (MIT) led for weighted return on equity (ROE) over three years; CapitLand Ascott Trust (CLAS) won for growth in profit after tax (PAT) and AIMS APAC REIT is recognised for returns to shareholders.

MPACT can trace its roots to Mapletree Commercial Trust, which was listed in 2011 before a rename after it merged with its sister REIT, Mapletree North Asia Commercial Trust. For the combined REIT, it has two crown jewels within its portfolio, VivoCity, one of the largest and most vibrant malls in Singapore, and Mapletree Business City, landlord to leading names such as Google, other multinational corporations and government bodies. It also owns other assets in China and Japan. As indicated in its most recent FY2025 ended March 31 annual report, MPACT’s portfolio comprises 17 commercial properties with a total lettable area of 10.5 million sq ft valued at $16 billion.

Another Mapletree REIT has been recognised at this year’s awards: Mapletree Industrial Trust (MIT). This REIT’s strategy involves investing in a diversified portfolio of income-producing real estate, primarily used for industrial purposes in Singapore, as well as data centres and other income-producing real estate assets worldwide. As indicated in its most recent annual report for FY2025 ended March 31, MIT’s total assets under management were $9.1 billion, which comprised 56 properties in North America (including 13 data centres held through the joint venture with its sponsor Mapletree Investments), 83 properties in Singapore and two properties in Japan. Its portfolio includes data centres, hi-tech buildings, business park buildings, flatted factories, stack-up and ramp-up buildings, and light industrial buildings.

See also: A rejuvenated Singapore market, a reset for The Edge Singapore

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CLAS is named for growth in PAT. CLAS, under sponsor CapitaLand Investment, describes itself as the largest lodging trust in Asia Pacific with an asset value of $8.8 billion as at end-2024. Listed since 2006, it aims to invest in properties such as serviced residences, rental housing properties, student accommodation and other hospitality assets in any country in the world. As indicated in its most recent FY2024 annual report, its international portfolio comprises 100 properties with over 18,000 units in 45 cities across 16 countries in Asia Pacific, Europe and the US.

CLAS operates the properties under various brands, such as Ascott, Somerset, Quest and Citadines brands. 

Last but not least, AIMS APAC REIT, listed on the Singapore Exchange since 2007, is a REIT that focuses on industrial, logistics and business park real estate across Asia Pacific. As at March 31, its portfolio comprises 28 properties, of which 25 properties are located across Singapore and three properties located in Australia. They are a mix of modern and high quality industrial, logistics and business park properties with a total portfolio value of $2.13 billion. The total floor space of these properties is around 777,422 sqm and leased to over 200 global, regional and leading national customers across a range of industries.