SINGAPORE – Singapore-based real estate fund manager Mapletree Investments is looking to raise 500 million euros ($ 606 million) for its first European office fund, the Mapletree Europe Revenue Trust, a spokesperson told DealStreetAsia .
Launched in January, MERIT expects to reach its target by the end of March and hopes to return 12% on its investments.
The fund was seeded by seven commercial assets with Mapletree, the spokesman said. The company first expanded into Europe in 2015.
There are three funds in the UK, with one in Poland, Munich, Ireland and the Netherlands. Managed assets are valued at around 1.2 billion euros.
The launch of MERIT aligns with Mapletree’s strategy of being an active capital manager in both private and public markets. The fund is also part of its global investment strategy.
Mapletree investors include pension money, insurance companies, regional banks and corporations, high value individuals and family offices, as well as retail investors.
In 2019, the group launched the US & EU $ 1.8 billion Mapletree Private Logistics Trust to invest in real estate across the two regions. The trust has $ 4.3 billion worth of assets under management, according to the Mapletree website.
In 2019, the group launched the Mapletree Australia Private Commercial Trust, which now has 1.4 billion Australian dollars in assets.
Other Mapletree funds are based in Asia, covering Singapore, China, Hong Kong, India and Japan.
The group held 60.5 billion Singapore dollars in managed funds for the fiscal year ended March 2020. Revenue stood at S $ 3.87 billion with profit after tax and a minority interest rate of S $ 1.78 one billion.
For the original story from DealStreetAsia, click here.
DealStreetAsia is a Singapore-based financial news site that focuses on private equity, venture capital and corporate investment activity in Asia, particularly Southeast Asia, India and greater China. Nikkei owns a majority stake in the company.