Mapletree reaches $1.4b final close on China fund
Mapletree Investments, the real-estate arm of Temasek Holdings, has closed its real estate fund, Mapletree China Opportunity Fund II (MCOF II) at its hard cap of $1.4 billion, above the initial target of $1 billion.
MCOF II closed within 10 months of its launch in October 2012. It had a first close at the end of June 2013 for $1.1 billion.
Mapletree has committed 36% of the fund's total capital. There are some re-ups from Mapletree's first China-focused fund, but the majority of investors - coming from North America, Europe, the Middle East and Asia - represent new relationships.
The fund will invest in a portfolio of projects in China, focusing on mixed-use or single-use office, business park, retail, industrial, serviced apartment and residential projects in tier-one and tier-two cities. It is seeded by two assets that represent approximately 15% of the fund - the Xinzhuang CBD in Shanghai's Minhang district and Sanshan New City in Foshan. Both are currently under construction.
Greater China is Mapletree's largest overseas market with total assets under management of S$6.86 billion ($5.3 billion) as of March 2013. It operates in 15 cities across seven countries.
Mapletree's previous investment vehicle, the $1.2 billion Mapletree India China Fund (MIC Fund), closed in 2008. It has made two exits, resulting in cumulative distributions to investors amounting to nearly 90% of total paid-in capital.
Currently, it manages four Singapore-listed real estate investment trusts (REITs) and five private equity real estate funds. As of March 2013, Mapletree owns and manages S$21.8 billion of office, logistics, industrial, residential and retail/lifestyle properties.
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