Mapletree Investments has secured more than US$500 million in equity commitments for the initial close of its Emerging Asia logistics development strategy.

The Singapore-based firm raised US$250 million through the first close of the Mapletree Emerging Growth Asia Logistics Private Trust (MEGA). A further sum exceeding US$250 million was backed through a joint venture and direct co-investments directed into chosen Malaysian developments.

Capital has been provided by a group of institutional backers, including sovereign wealth funds, a pension fund and a national investment company. Fund managers are looking to pull in an extra US$200 million in commitments for a second close early next year.

MEGA will concentrate on development opportunities in Malaysia, Vietnam and India. Rising domestic consumption, expanding manufacturing and supply chain shifts are generating demand across these markets, which currently face a shortage of institutional-grade warehousing.

The fund aims to generate an internal rate of return above mid-teens. Its seed portfolio holds four development sites in Malaysia, two warehouses in Vietnam and one development project in India. Fully deployed, the strategy, joint venture and co-investments are expected to reach a total investment value of US$2.1 billion.

Said Mr Hiew Yoon Khong, Group Chief Executive Officer, Mapletree: “We are encouraged by the strong support received from established institutional investors across our Emerging Asia logistics development strategy. MEGA’s successful first close marks an important milestone and the commitments received reflect confidence in Mapletree’s ability to deliver development value across market cycles. Our integrated real estate capabilities have allowed us to pursue an accelerated development strategy which differentiates Mapletree from pure capital management players.”

Logistics represents Mapletree’s primary asset class, comprising approximately 43% of its total assets under management, equal to S$32.4 billion. As of 31 March 2026, the company manages 22.8 million square metres of logistics space across 12 global markets.

The group also operates a listed platform, Mapletree Logistics Trust, managed by Mapletree Logistics Trust Management Ltd. This trust holds 175 properties across nine Asia Pacific markets and recorded a portfolio occupancy rate of 96.9% as of 31 March 2026.

Former trust chief executive Ms Ng Kiat now leads Mapletree’s Asia Pacific Logistics Development team as Regional Chief Executive Officer, taking charge of investments across the region outside of China and Japan.

Ms Ng said: “MEGA provides investors with access to logistics development opportunities in select high-growth markets across Emerging Asia. The Fund’s successful first close reflects investors’ confidence in Mapletree’s global logistics platform, supported by our position as a market leader in Malaysia and Vietnam, experienced local teams and integrated real estate capabilities.”

MEGA is the 18th private fund set up by Mapletree. It follows earlier logistics development vehicles, such as the Mapletree China Logistics Investment Private Fund in 2022 and the Mapletree Japan Investment Country Private Trust in 2024. Mapletree Real Estate Advisors Pte. Ltd. will manage the fund, with Mapletree keeping a minimum 20% stake.