has sold a $328m (鈧�279m) industrial portfolio to Faropoint, marking the Singapore-headquartered real estate manager鈥檚 first major US warehouse disposal.
said it has completed the sale of the 1.8m sqft portfolio of 30 shallow-bay warehouse buildings located across Florida, Georgia, New Jersey, Pennsylvania and Texas.
The assets were part of the $4.3bn closed-ended Mapletree US & EU Logistics Private Trust (MUSEL) established in 2019.
Richard Prokup, CEO, US, Mapletree, said: 鈥淢apletree remains bullish on the long-term potential of the US industrial market. This transaction represents our first large-scale warehouse divestment in the US, a milestone that unlocks capital for reinvestment in new opportunities that align with our conviction in this sector.鈥�
The deal represents Faropoint鈥檚 largest acquisition since the firm鈥檚 founding in 2012.
Ohad Porat, CIO at Faropoint, said: 鈥淭his portfolio is a strategic addition to our platform and reinforces Faropoint鈥檚 conviction in the long-term fundamentals of infill industrial real estate. It advances the scale and discipline we apply to our investment strategy as we continue growing across key US logistics corridors.鈥�
Yannai Gordon, SVP at Faropoint, said: 鈥淭his transaction demonstrates our ability to execute complex, multi-market acquisitions with speed and precision.
鈥淚t was a pleasure working with Mapletree 鈥� an institutional and highly professional counterparty 鈥� on a portfolio defined by high-quality assets in competitive logistics markets.鈥�
represented Mapletree in the transaction.
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