Mapletree Investments has closed its new private trust, MASCOT Private Trust, with A$654 million ($447 million).
MASCOT is fully invested at closing and owns 10 class A office assets that are strategically located in key Australian gateway cities — Sydney, Melbourne, Adelaide, Brisbane and Perth — with a total asset value of about A$1.4 billion ($960 billion). With a total net leasable area of approximately 160,000 square meters (1.7 million square feet), the portfolio’s occupancy stands at 94 percent.
The trust will be managed by Mapletree Real Estate Advisors Pte. Ltd., a wholly owned subsidiary of Mapletree. Mapletree will retain a 27 percent stake in MASCOT to align with investor interest. This is akin to its approach with other sponsored private funds, such as Mapletree Global Student Accommodation Private Trust (MGSA) and Mapletree US & EU Logistics Private Trust (MUSEL), and its four Singapore-listed REITs.
MASCOT, which has a term of five year
