The group recorded $76.2 billion in assets under management (AUM) as at March 31, lower than the $80.3 billion posted the year prior. The fall comes as the group undergoes a series of strategic divestments and monetisation programmes, where the group recorded total gross proceeds of $4.2 billion. This includes more than $2.5 billion of asset monetisations by its private funds.
Its three listed REITs — Mapletree Logistics Trust (MLT), Mapletree Industrial Trust (MIT) and Mapletree Pan Asia Commercial Trust (MPACT) — also completed about $1 billion of divestments, adds Mapletree Investments.
Group CEO Hiew Yoon Khong says Mapletree Investments “accelerated the development” of its global logistics platform across multiple markets and “continued to recycle capital, syndicate assets and grow fee-based businesses” to deliver resilient earnings. “Mapletree delivered stable earnings and continued to execute its business strategy with discipline and prudence amid ongoing macroeconomic and geopolitical uncertainties.”
Logistics a key growth driver
See also: CapitaLand unveils R&D gem Geneo
In FY2026, the group completed 13 development projects — 10 of which were in logistics. In addition, contracts were awarded for 15 new projects, of which 12 were in logistics. As at March 31, the group has $5.4 billion worth of projects under development.
The group says development projects currently offer more attractive risk-reward returns than acquiring stabilised assets, given elevated borrowing costs. “In a high cost-of-capital environment, development assets offer better risk-reward metrics than acquiring stabilised investment properties — a key differentiator for Mapletree from pure capital management players.”
Logistics — Mapletree’s largest asset class — remains the group’s “key growth enabler”, accounting for 42.5% of total AUM, or $32.4 billion. Together with office, student housing and data centres, Mapletree’s four core sectors account for 83.2% ($63.4 billion) of its total AUM.
See also: Coliwoo’s year of execution
During the year, the group acquired land for logistics developments and expanded its portfolio across Malaysia, India, Japan, China and Vietnam.
Mapletree is currently the largest owner of modern logistics assets in Malaysia, where it owns about 600,000 sqm of leasable warehouse space. The group is also the largest owner of modern warehouse space in Vietnam, with around 1.1 million sqm of leasable warehouse space.
In the US, about US$500 million ($640.4 million) of projects are under development, slated for completion between 2H2026 and 2027.
The group is also expanding its logistics footprint in Europe through acquisitions and greenfield developments to complement its existing assets in the region.
Deepening office markets
Mapletree continued to deploy capital into office markets where it sees long-term growth potential, particularly in Singapore, India and Vietnam.
In Singapore, the group unveiled plans in October 2025 for a new 123,000 sqm flagship commercial development at 1 Maritime Square, the current site of HarbourFront Centre, within the Greater Southern Waterfront precinct. The proposed 33-storey integrated development will comprise Grade-A office space and experiential retail offerings.
In India, Mapletree acquired a 19,439 sqm site in Pune’s Yerawada district for a Grade-A office park with a potential net lettable area of 167,225 sqm. Upon completion, the group’s office portfolio in India is expected to reach approximately 1.8 million sqm of net lettable area (NLA)
In Vietnam, the group broke ground on a Grade-A office tower with a retail podium in Hanoi, adding 92,000 sqm of gross floor area (GFA).
Australia student housing
Mapletree also entered Australia’s student accommodation market in August 2025 with the acquisition of a 1,398 sqm site along Wellington Street, Perth.
The project will comprise an 835-bed purpose-built student accommodation development located within the city centre and is expected to be completed in 2027.
Meanwhile, in the data centre sector, MIT completed the final phase of fitting-out works at its Osaka Data Centre in Japan.
Growing fee-based income
As at March 31, Mapletree manages three REITs and nine private equity real estate funds across the logistics, commercial and student housing sectors in the Asia Pacific, Europe, the UK and the US.
Third-party-managed assets account for 73.1% ($55.7 billion) of total AUM. Fee income has grown from $8 million in FY2006 to $434 million in FY2026, representing a Cagr of 22.1%.
Recurring fee income remains a central pillar of Mapletree’s business model, underscoring the resilience of its platforms through market cycles.
Since June 2025, Mapletree US & EU Logistics Private Trust (Musel) has successfully exited about US$1.5 billion ($1.9 billion) of US logistics assets, delivering returns in line with its 12% internal rate of return target.
Continuing its series of logistics development private funds, the group is syndicating Mapletree Emerging Growth Asia Logistics Private Trust (Mega), a fund focused on Malaysia, Vietnam and India — economies with structural undersupply of institutional-grade logistics space, according to Mapletree.
Equity commitments have been secured from a sovereign wealth fund, a pension fund and a national investment company, with first close expected by mid-2026 and a second close later in the year.
In January this year, Mapletree divested 10% of its stakes in India's commercial assets, bringing in another institutional investor to deepen capital partnerships.
This year also marks Mapletree’s 25th anniversary. Since its establishment in 2000, the group has generated an average return of about 10% on invested equity over the past two decades.
“Our track record over the past 25 years was built through diverse market cycles that challenged and strengthened us,” says Hiew. “The past year was no exception and the platform we have built gives us confidence in navigating what comes next.”
