Mapletree closes Australian private trust at $608m

It owns 10 Grade A office assets with a total value of about $1.3b.

Mapletree Investments has closed its Australian private trust fully invested at about $608m (A$654m) through a total equity funding, according to a press release.

MASCOT Private Trust, which has a term of five years with provision for two, one-year extensions, attracted pension funds, insurance companies, regional banks and corporates as well as high net worth and family office investors.

It will be managed by its subsidiary Mapletree Real Estate Advisors. Mapletree will retain a 27% stake in MASCOT.

MASCOT owns 10 Grade A office assets located in Sydney, Melbourne, Adelaide, Brisbane and Perth, with a total asset value of about $1.3b (A$1.4b). With a total NLA of about 160,000 sqm, the portfolio’s occupancy stands at 94%. The tenant pool comprises firms from the technology, media and telecom sectors, the government as well as mining, oil and gas.

MASCOT also has a total return target of 12%, and will make distributions on a semi-annual basis in AUD.

“Going forward, we will continue to originate investment products and syndicate new funds to grow our capital management business and fulfill the demand of our investors,” Mapletree’s Group CEO Hiew Yoon Khong said.