A new logistics development private fund by Mapletree is helping to bridge supply and demand in emerging Asia’s logistics market.
Logistics are the beating heart of any supply chain operation. In emerging Asia, while economic
growth has accelerated in recent years, there remains a persistent undersupply of institutional-grade logistics space.
For investors, this means a mega opportunity to capitalise on the growth potential of the region’s logistics market. That is why Mapletree has launched the Mapletree Emerging Growth Asia Logistics Private Trust (MEGA), which will comprise assets with a total investment value of US$2.1 billion when fully deployed.
MEGA is focused on Malaysia, Vietnam and India, where logistics infrastructure has yet to keep pace with rapid e-commerce adoption, rising middle-class consumption and supply chain shifts. The fund, together with Malaysia-focused co-investment vehicles, has already secured equity commitments from investors. These include sovereign wealth funds, a pension fund and a national investment company, said Ms Ng Kiat, Regional Chief Executive Officer, Logistics Development, Asia Pacific, Mapletree.
The MEGA fund will provide private investors with the opportunity to invest alongside Mapletree in markets where the Sponsor (Mapletree) has an established presence, strong development track records and market leading positions.
Ms Ng Kiat,
Regional Chief Executive Officer, Logistics Development, Asia Pacific, Mapletree
Mapletree has secured over US$500 million in equity commitments for the first close of its Emerging Asia logistics development strategy. This comprises US$250 million raised via a joint venture and direct co-investments into selected development projects in Malaysia. The Group has assembled an initial seeded portfolio of seven assets along with a strong development pipeline that will position it for long-term growth.
MEGA’s target allocation is approximately 40% each to Malaysia and Vietnam and 20% to India. Mapletree has strong market leadership in Malaysia, where it is currently the largest owner of Grade A logistics warehouse space, and is expected to grow its 0.6 million square metres (sqm) of leasable warehouse space to 2 million sqm in the medium term.
Similarly, Mapletree’s portfolio of modern logistics assets in Vietnam makes up the lion’s share of current leasable warehouse space in the country. “The closed-end fund (MEGA) will continue to source and acquire high-quality logistics developments, supported by established on-the-ground teams and deep local networks,” said Ms Ng.
“This will help ensure that the fund fully deploys the committed capital raised into projects with strong fundamentals and growth potential within the investment period of two years.”
Marrying global capabilities with local expertise
Since its establishment in 2000, Mapletree has steadily expanded its global logistics footprint and capabilities, managing 22.8 million sqm of logistics space across 12 markets globally. With
assets under management totalling S$76.2 billion as at 31 March 2026, Mapletree has truly established itself as a global logistics powerhouse. In the Asia Pacific (APAC) region alone, the
Singapore-based property giant oversees 24 logistics development projects spanning 3.1 million sqm in net lettable area. Portfolio value stands at S$2.4 billion as at 31 March 2026.
It takes a disciplined approach to investing in Asia, underpinned by a deep understanding of the unique characteristics and complexities of each market. In India, for instance, most land titles have histories that stretch back decades, which can have implications for property transactions. “We take planning and development risks, but not title or ownership risks,” said Ms Ng.
Strong track record in Asia
MEGA comes on the back of similar logistics development-focused private funds spearheaded by Mapletree. These include the Mapletree China Logistics Investment Private Fund (MCLIP) and the Mapletree Japan Investment Country Fund (MAJIC); and the Mapletree Japan Logistics Development Fund (MJLD). MJLD is a 2014 vintage fund which achieved a return of 1.8 times equity multiple and a net internal rate of return of 23.7%, outperforming targeted returns upon exit in 2020.
“This performance reflects Mapletree’s ability to identify and originate opportunities, execute developments effectively and operate assets until exit,” said Ms Ng.
Beyond countries in emerging Asia, Mapletree’s key logistics markets within APAC include Australia and Hong Kong SAR. In Hong Kong SAR, Mapletree successfully acquired a 44,318 sqm logistics site, marking its second land acquisition in the Tsing Yi area. The site will be developed into a Grade A ramp-up modern warehouse comprising a nine-storey warehouse and a two-storey rooftop public vehicle park, with completion slated for the second half of 2028. According to a report by real estate services firm JLL, the accommodation value of the property stands at HKD1,500 per square foot, 57.6% lower compared to a logistics site acquired by another property firm in Kwai Chung in 2022.
Right next door is the Mapletree Logistics Hub Tsing Yi (MLHTY), an asset owned by Mapletree Logistics Trust. The 11-storey ramp-up Grade A facility offers a net lettable area of 148,065 sqm, and was completed in 2016. Mapletree’s on-the-ground development and leasing teams also secured full occupancy of MLHTY within 15 months. Occupancy rates have since remained above 97%.
