Mapletree’s 25-year journey from Singapore roots to international real estate leadership.

Over the past 25 years, Mapletree Investments Pte Ltd (“Mapletree”) has transformed from a modest portfolio of non-port properties with S$2.3 billion in assets into a real estate investment powerhouse with assets under management (AUM) of more than S$80 billion. Mapletree is not listed but it is a sponsor to three listed S-REITs which are among the largest in their respective sectors: Mapletree Pan Asia Commercial Trust (MPACT), Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) have a combined market capitalisation of S$17.4 billion.

Built on a forward-looking business model, Mapletree has successfully navigated multiple market cycles, strengthening its position as a leading real estate company. Its reputation as a global real estate manager is reflected in its recognition in IPE’s (Private Equity International) and PERE’s (Private Equity Real Estate) league tables.

As Mapletree celebrates a quarter-century in business, it is focused on expanding its real estate fund management platform, investing in high-growth markets across Asia and beyond, and enhancing its capabilities in integrated precincts. With a focus on four core sectors – logistics, student housing, office, and data centre – Mapletree seeks to continue to scale globally while remaining committed to its long-term value creation.

“Our track record demonstrates the Group’s ability to adapt its investment, development, and operational decisions in response to market challenges. We deepened our focus on our core sectors through prioritising operational performance, investing selectively in specific markets with growth potential, and embarking on more development projects for higher returns,” says Mr Hiew Yoon Khong, Group Chief Executive Officer (CEO), Mapletree Investments.

Our track record demonstrates the Group’s ability to adapt its investment, development, and operational decisions in response to market challenges.

See also: Shaping the Future of Finance

In October 2024, Mapletree acquired its first UK logistics property with Derby DC1, a logistics hub located in Derby Commercial Park, the UK.

FROM STRENGTH TO STRENGTH – LOGISTICS

See also: From Singapore to the World

Mapletree was an early first mover in the logistics sector, listing the first logistics S-REIT, MLT, in 2005. In FY2024/2025, the Group continued to acquire quality logistics assets and embark on new logistics development initiatives across the United States (US) and Asia Pacific, including China, Hong Kong SAR, India, and Vietnam.

Spanning late 2024 and early 2025, the Group marked its first foray into the United Kingdom (UK) logistics market with the acquisitions of Derby DC1 and Verda Park, and deepened its presence in Spain by acquiring a portfolio of 10 logistics assets. As at 31 March 2025, the Group’s logistics portfolio in Europe and the UK stood at around S$2.2 billion.

Since entering the European logistics market in 2018, the Group has built a portfolio of 78 assets across eight countries, as at 31 March 2025. Among these assets, 62 are held under Mapletree US & EU Logistics Private Trust (MUSEL). Since its inception in 2019, MUSEL has invested in a diversified pan-American and pan-European portfolio with strategically located, quality logistics properties.

In April 2024, Mapletree successfully closed its 16th private fund amid a challenging backdrop of rising interest rates. Mapletree Japan Investment Country Private Trust (MAJIC) is the Group’s third Japan-focused fund and second Japan logistics development fund, which targets an AUM of JPY110 billion (S$1 billion)2 upon full deployment. The strong reception of MAJIC by a diverse group of new and returning investors who have committed JPY50 billion (S$443 million)2 in equity, reflects the Group’s track record in fund management and development capabilities. It also underscores Mapletree’s ability to navigate different economic cycles while maintaining investor confidence.

Mapletree is also marketing a new logistics development fund, Mapletree Emerging Growth Asia Logistics Development Fund (MEGA), focusing on Malaysia, India, and Vietnam where institutional-grade logistics products are undersupplied. MEGA will comprise fully identified logistics development assets with a total AUM of up to US$1.8 billion (S$2.4 billion)3 and is targeted to close this year (2025).

In April 2024, Mapletree acquired a portfolio of 31 student housing assets in the UK and Germany, including Student Castle Oxford.

RESILIENT THROUGH TIMES - STUDENT HOUSING

By the mid-2010s, student housing had gained global recognition as a stable and defensive asset class, underpinned by resilient demand and favourable demographics. Seeing immense potential in purpose-built student accommodation (PBSA), Mapletree capitalised on this trend.

Mapletree entered the PBSA sector in 2016, acquiring 25 properties with 5,507 beds across 12 cities in the UK, and seven properties in the US with approximately 6,000 beds across six states.

Mapletree later moved into development, acquiring land and developing Westwood Student Mews, a 453-bed student housing asset located between Coventry and Warwick, completing it in December 2019. Mapletree also entered a joint venture to develop a 513-bed asset in Philadelphia - The Chestnut at University City - strategically located on the University of Pennsylvania campus and opposite the Wharton School of Business.

Further expansion came in 2024 with the acquisition of 31 student housing assets across the UK and Germany, along with the Student Castle operating platform, valued at £1 billion (~S$1.7 billion).

Mapletree holds nearly S$5.3 billion in PBSA AUM spanning 82 properties with close to 29,000 beds across 43 cities in the US, UK, Canada, and Germany. Through the acquisition of award-winning premium student housing brand Student Castle, Mapletree became the fourth-largest student housing owner in the UK as at 31 March 2025, and now possesses in-house operating capabilities to scale the student housing business.

The global demand for higher education remains robust, particularly in countries like the US and UK, where the quality of academic institutions continues to attract international students. This dynamic makes PBSA an appealing and resilient investment opportunity. Recognising the sector’s defensive nature and its strong appeal to students pursuing quality education, the Group sees substantial growth potential in regions such as Australasia and Europe. Group CEO Mr Hiew noted that the long-term strategy is to build a strong global platform anchored in this resilient asset class.

Mapletree’s excellence in student housing investment was recognised at the 2024 Global Student Living (GSL) Awards, where it received Best Private Housing (UK & Ireland). The Group also achieved GSL’s Platinum Certification, affirming its commitment to high-quality student housing operations.

The Group is closely monitoring student mobility trends, recognising the growing appeal of Asian markets such as Singapore, Hong Kong SAR, and Japan for their affordable yet globally recognised institutions. These destinations are under review as potential additions to Mapletree’s global portfolio.

ADAPTING TO DYNAMIC NEEDS – OFFICE

Since the development of its flagship project - Mapletree Business City in 2008 - Mapletree has expanded its office portfolio across key markets worldwide, including Australia, China, Europe, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US, and Vietnam.

Held under MERIT, West Station in Warsaw, Poland, features two 14-storey office buildings with close to 69,000 sqm of net lettable area.

Notable assets include the 79-hectare award-winning Green Park in Reading, the UK; the strategically located West Station in Warsaw, Poland; the 15-hectare Global Business City, Bengaluru, in India; and six office buildings at Papendorp Park in the Netherlands.

To keep its assets competitive, Mapletree continues to adapt its office portfolio. It has embraced flexible office spaces, cutting-edge green buildings, and healthy work environments to stay ahead of shifting tenant needs . Recent developments have introduced Grade A coworking-friendly floors and WELL-certified lobbies. These initiatives – combined with Mapletree’s rigorous asset management – ensure its office investments remain competitive amid fluctuating market dynamics.

Further strengthening its global office platform, Mapletree has established specialised office funds to facilitate growth. In the US, the Mapletree US Income Commercial Trust (MUSIC) is Mapletree’s inaugural US office-focused private fund with five freehold Grade A assets in Oakland, Dallas, Raleigh, and Minneapolis. Meanwhile in Europe, the Mapletree Europe Income Trust (MERIT) serves as Mapletree’s first office-focused fund in Europe, managing seven Grade A office assets in key growth cities in Manchester, Bristol, Aberdeen, Warsaw, Munich, Dublin, and Utrecht. The Mapletree Australia Commercial Private Trust (MASCOT) is Mapletree’s maiden Australia commercial-focused private fund.

Additionally, in India, Mapletree’s office assets in Tier 1 cities such as Mumbai, Pune, Bengaluru, and Chennai which are co-held with Canadian pension fund, Ivanhoé Cambridge, have been a direct beneficiary of the country’s burgeoning office market. As at 31 March 2025, the operational portfolio (Global Technology Park, Bengaluru and Global Infocity Park, Chennai) achieved a high occupancy of 88% and a positive weighted average rental reversion of ~38.5%.

“Moving forward, we will continue to prioritise enhancing operational performance for our existing assets, maintaining a selective investment approach in markets with growth potential, unlocking greater value through development projects – all while deepening collaborations with like-minded capital partners on new funds and syndication. In India, for instance, we are actively expanding our commercial presence with more syndications in the pipeline to onboard strategic partners,” Mr Hiew says.

CAPITALISING ON DEMAND - DATA CENTRES

Mapletree’s entry into the data centre market began in 2010 with the development of Tata Communications Exchange in Singapore, which was later included in MIT’s IPO portfolio.

This was followed in 2015 by the completion of Equinix Singapore’s flagship build-to-suit data centre, which earned the prestigious BCA-IDA Green Mark Platinum accolade. In 2017, Mapletree and MIT expanded into the US with a joint acquisition of 14 data centres for approximately US$750 million. In 2019, Mapletree and MIT entered a joint venture with Digital Realty to acquire a US$1.4 billion portfolio of hyper-scale data centres. MIT also completed the development of Mapletree Sunview 1, a six-storey build-to-suit data centre, fully leased to an established data centre operator for an initial lease term of more than 10 years.

As part of expansion plans, Mapletree set up a data centre business unit in July 2024 to explore avenues to diversify the Group’s data centre footprint across different markets. As at 31 March 2025, the Group’s portfolio included 63 data centres, and are mostly held through the listed platform MIT. Mapletree will continue to explore new opportunities in established core markets in Europe, where investor appetite remains strong, and rapidly emerging markets such as Milan and Madrid, which present strong potential for returns. Within Asia Pacific, Mapletree will focus on mature markets like Japan and emerging markets like South Korea.

Progress is underway on the Group’s first data centre development in Hong Kong SAR.

In October 2024, MIT acquired a freehold mixed-use facility in Japan with redevelopment opportunity into a data centre. Mapletree’s first data centre development in Hong Kong SAR, located in Fanling, is expected to be completed in the second half of 2025.

BEYOND BUSINESS - SUSTAINABILITY AND COMMUNITY

Sustainability is a core tenet of Mapletree’s business strategy, shaping its approach to long-term value creation and responsible growth. With the real estate sector contributing nearly 40% of global energy-related carbon emissions, climate-conscious action is essential. In response, Mapletree has embedded sustainability into every aspect of its operations.

Mapletree’s Net Zero Roadmap 2050 serves as a strategic framework, with green buildings playing a crucial role. Since achieving its first green certifications in 2009, the Group has secured over 800 green certifications and energy ratings globally. These efforts go beyond compliance, reflecting Mapletree’s commitment to drive energy efficiency, carbon reduction, and occupant well-being at scale.

As climate risks intensify, the Group continues to enhance its climate resilience strategy, ensuring its assets remain future-ready. A key initiative is the transition to renewable energy, with a goal of reaching 200 Megawatt peak (MWp) of installed solar capacity by 2030 – already achieving a milestone of 150 MWp in FY24/25. In tandem, Mapletree’s Embodied Carbon Framework supports sustainable development practices and has already delivered a 17% reduction in embodied carbon, progressing towards a 30% reduction target by 2030.

Collaboration is essential to Mapletree’s sustainability approach. Through green leases, it encourages tenants to adopt sustainable practices, boosting energy efficiency and responsible resource use. This proactive stance earned the Group the Green Lease Leaders Awards – Gold for its US logistics and commercial portfolios, and Silver for its data centre portfolio.

Sustainability is deeply embedded in Mapletree’s organisational DNA. It guides strategic decisions and daily operations alike. The Group remains steadfast in its mission to achieve net zero by 2050, foster climate resilience, and create lasting value for stakeholders and the communities in which it operates.

Mapletree supports the performing arts through The TENG Ensemble, Singapore Chinese Orchestra, Peranakan Sayang, among other notable groups. It backs environmental causes like the Singapore Bird Race and healthcare efforts such as Hair for Hope by the Children’s Cancer Foundation. In education, Mapletree funds scholarships and bursaries at local educational institutions as well as other educational initiatives, and runs the Mapletree Real Estate Programme at Singapore Management University. Its Youth Resilience Programme has disbursed over S$689,000 since 2016, aiding nearly 120 disadvantaged youths. “Meaningful Corporate Social Responsibility goes beyond financial contributions. We want to touch people’s lives and promote a culture of giving, well beyond Mapletree,” says Mr Hiew.