Mapletree Investments has reported earnings of $227.2 million for its FY2025 ended March 31, reversing from a net loss of $577.2 million in the preceding year, which was weighed down by heftier revaluation losses.
Recurring patmi, used by the privately-held company to gauge its operational performance, was $637.4 million in FY2025, down 10.9% y-o-y.
Revenue in FY2025 reached $2.2 billion, down from $2.8 billion in FY2024, due mainly to the deconsolidation of Mapletree Logistics Trust— without which, the topline was up 1.2% y-o-y.
Besides MLT, Mapletree Investments is also the sponsor of two other REITs here, Mapletree Industrial Trustand Mapletree Pan Asia Commercial Trust.
Its assets under management in the same period increased from $77.5 billion to $80.3 billion, as it made more acquisitions.
Besides acquiring assets, Mapletree undertook more development projects too, with the value of projects under development at $5.5 billion as at March 31, versus $3.7 billion as at March 31, 2024.
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On the other hand, it recorded total net proceeds of $897 million in FY2025 from divestments of non-core assets.
“Amid a challenging environment marked by elevated interest rates, intensifying geopolitical tensions and increasing economic uncertainties, Mapletree maintained a disciplined and long-term approach in executing our business plans," says group CEO Hiew Yoon Khong.
Mapletree says it has "deepened" its focus on its core sectors of logistics, student housing, office and data centre, by prioritising operational performance, investing selectively in specific markets with growth potential, and embarking on more development projects for higher returns.
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"Our capital management initiatives continued through successful fund syndications and divestments of non-core assets.
"These strategic priorities underpinned Mapletree’s resilient FY2024-2025 performance and will continue to guide the group in fostering sustainable growth going forward,” says Hiew.
In FY2025, Mapletree continued to acquire quality assets and undertake new projects within the logistics industry across Asia Pacific.
In addition, it marked its first foray into the UK market with the acquisitions of Derby DC1 and Verda Park, acquired a portfolio of 10 logistics assets in Spain as well. As at March 31 Mapletree's logistics portfolio in Europe and the UK stood at $2.2 billion.
Last April, Mapletree closed MAJIC, its third Japan-focused fund and second Japan logistics development fund, with a target AUM of up to JPY110 billion ($1 billion) upon full deployment.
Mapletree is also marketing the Mapletree Emerging Growth Asia Logistics Development Fund (MEGA), which will focus on Malaysia, India and Vietnam. This fund will comprise development assets with a total AUM of up to US$1.8 billion and is targeted to close this year.
"Mapletree maintains a positive outlook of the sector with continued growth in demand for warehousing space expected in most markets," the company says.
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For its second core sector, student housing, Mapletree in April 2024 completed a £1 billion acquisition of 31 UK and Germany student housing assets, along with an operating platform.
Following which, Mapletree is now the 4th largest student housing owner in the UK. It was previously 7th largest. Mapletree now owns 30,000 student beds in the UK and the US.
In its third focus area, office, Mapletree invested more in India and Vietnam. It acquired a land parcel for greenfield office development project in Bengaluru that will give a net lettable area of 743,224 sqm.
In Vietnam, Mapletree acquired a land parcel in Hanoi to develop a 92,000 sqm Grade A mixed-use office project with retail amenities.
Mapletree is focused on growing its data centres portfolio as well. Last October, Mapletree Industrial Trust acquired a freehold mixed-use facility in Japan with the redevelopment opportunity into a data centre.
Its first data centre development in Hong Kong, is expected to be completed in the second half this year.
It is exploring new opportunities too in locations including London, Milan and Madrid as well as Japan and Korea.
Despite the challenges presented by the evolving geopolitical and economic landscape, Mapletree is seeing bright spots in selected markets in its four core sectors.
“Our track record demonstrates the group’s ability to adapt its investment, development and operational decisions in response to market challenges," says Hiew.
"Moving forward, we will continue to prioritise enhancing operational performance for our existing assets, maintaining a selective investment approach in markets with growth potential, creating greater value through development projects – all while deepening collaborations with like-minded capital partners on new funds and syndication,” he adds.
