HIGHLIGHTS of the year - APRIL 2020 - Mapletree Industrial Trust
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HIGHLIGHTS
of the year
of tenants and service providers
APRIL 2020 working at Mapletree retail properties J U LY 2 0 2 0
in Singapore who had to take no-pay
The Mapletree India China Fund was The second edition of The Mapletree
leave during the global pandemic.
fully realised and delivered an overall Challenge which was supported
The second round of MCSF payouts
net internal rate of return (IRR)1 of 13.6% by Mapletree, concluded with the
supported more than 140 recipients.
and an equity multiple of 2.0 times. Grand Final via vodcast. Six student
finalist teams from the Singapore
Institute of Technology (SIT) presented
JUNE 2020 entrepreneurial ideas for sustainable
MAY 2020
Mapletree Industrial Trust (MIT) was innovation. The winners were presented
Mapletree acquired its first logistics added to the FTSE Straits Times Index with the Mapletree Gold, Mapletree
asset in India through a forward on 22 June. Silver and Mapletree Bronze awards
purchase agreement. Comprising three and cash prizes of S$5,000, S$3,000
warehouses with a total gross floor area Mapletree’s Japan-focused logistics and S$2,000 respectively. More
(GFA) of approximately 58,818 square development fund (MJLD) was fully than 150 students took part in the
metres (sqm), the properties are located realised and delivered an overall net seven-month challenge comprising
in a logistics park in Chakan, Pune. IRR1 of 23.7% and an equity multiple masterclasses, mentorships and an
The location is an established micro- of 1.8 times. innovation and entrepreneurship forum
market for Hi-Tech engineering and with industry professionals.
automobile tenants with good access to The handover to buyers of Mapletree’s
Mumbai’s ports, airports and highways first residential project in Vietnam,
connecting to western India. One Verandah, commenced on
21 June. Located next to the scenic
Under the Mapletree Community Saigon River in the heart of District
Sharing Fund (MCSF), over S$85,000 2, Ho Chi Minh City (HCMC), the
in voluntary contributions was pooled prestigious condominium which
from Mapletree staff’s Solidarity comprises five high-rise residential
Payment. The fund provided cash blocks was well received with over 95%
grants to more than 180 employees of launched units sold.
Mapletree’s Chairman Mr Edmund Cheng
presenting a token of appreciation to SIT President,
Professor Tan Thiam Soon at The Mapletree
Challenge Prize Presentation ceremony held on
9 March 2021 at MBC, Singapore.
AUGUST 2020
Mapletree presented four Singapore
Management University (SMU)
undergraduates with the Mapletree
Awards, each valued at S$8,000, for
Academic Year 2019-2020. In total,
seven such awards have been presented
to date to motivate Real Estate Track
students who have achieved excellent
academic results and demonstrated
strong interest and aptitude. The study
trips, annual lectures and forums form
One Verandah, Mapletree’s first residential project in Vietnam, is located in District 2, HCMC.
part of the Mapletree Real Estate
32 MAPLETREE INVESTMENTS PTE LTD ANNUAL REPORT 2020/2021
Programme established through a
S$3 million endowment from Mapletree
to SMU in 2018.
Mapletree’s digital performance series,
Mapletree Arts in the City on Air,
continued to feature new performances
each month. The series started as
part of the Group’s Corporate Social
Responsibility (CSR) efforts to provide
a platform for the arts during the
nationwide “circuit breaker” or partial
lockdown in Singapore while paying
tribute to frontline workers battling
the Covid-19 pandemic. As at 31 Grade A office building 5221 Paramount Parkway is located in the Research Triangle Park in Morrisville,
March 2021, Mapletree has committed North Carolina, the US.
S$85,000 to Mapletree Arts in the
City on Air.
Mapletree acquired three Grade A In addition to Mapletree’s existing office
office buildings with approximately assets in Bengaluru, Chennai and Pune,
Oakwood, together with one of
47,100 sqm of net lettable area (NLA) the Group expanded its commercial
China’s leading real estate developers
at Perimeter Park in Morrisville, footprint to include Mumbai, with the
Country Garden Commercial and
North Carolina, the United States (US) acquisition of approximately 25,516 sqm
Culture Tourism Group, announced
at a total investment value of of land for development as office space.
a strategic alliance to develop the
US$190.5 million (~S$255.3 million).
Oakwood Beluxs brand. Targeting
Located in the Research Triangle Park MIT completed the acquisition of the
aspirational travellers, the goal is to
submarket which is in close proximity remaining 60% interest in 14 data
open 100 Oakwood Beluxs properties
to Raleigh-Durham International centres in the US. The agreed property
in China’s 50 cities with the highest
Airport as well as world-class research value of the 14 data centres on a 60%
gross domestic product by 2030.
institutions and top-ranked medical basis was US$494.0 million (~S$662.0
centres, the acquisition also includes million). With an NLA of 209,291 sqm,
another approximately 10,400 sqm the data centres are on freehold land2
SEPTEMBER 2020 of undeveloped land parcel with the and strategically located in established
Mapletree North Asia Commercial Trust potential to be developed into an data centre markets across the US. In
(MNACT) announced the expansion office building with approximately FY20/21, the data centres were 96.7%
of its investment mandate to include 14,000 sqm of NLA. leased to established tenants including
South Korea. Fortune Global 500 corporations and
companies listed on the NYSE/Nasdaq.
The Group paid tribute to essential
and healthcare workers battling
the Covid-19 pandemic through a
billboard advertisement at Tanjong
Pagar Distripark, 37 Keppel Road, and
wall banners at the linkway bridges
between Alexandra Retail Centre
and Mapletree Business City (MBC),
as well as HarbourFront Centre. The
advertisements featured representatives
from various Singapore government
Mapletree expressed gratitude with a billboard tribute to frontliners battling the Covid-19 pandemic.
hospitals and Mapletree’s Facility
It featured healthcare workers as well as vendors from Mapletree’s Facility Management team.
Management vendors.
33
highlights
of the year
Mapletree Logistics Trust (MLT)
completed the forward purchase of a OCTOBER 2020
one-storey warehouse in Truganina,
Mapletree launched the Mapletree
Melbourne, Australia for A$18.4 million
Traineeship (M-TRAIN) which is
(~S$19.2 million). Sited on freehold
a 12-month full-time work-study
land of 25,650 sqm, the Grade A
programme to employ up to
facility offers 15,154 sqm of NLA. The
30 trainees in Singapore. Fully funded
newly completed property had secured
by Mapletree, this initiative supports
100% lease commitment prior to its
fresh graduates who face challenges
completion.
finding employment because of the
pandemic, and allows them to gain
insights into the real estate industry,
both professionally and academically.
Over 360 participants attended the
first virtual Mapletree Real Estate The Pinnacle Gangnam, a Grade A 20-storey
Forum titled “Opportunities and freehold office building located in Gangnam-gu,
Challenges for the Real Estate Sector Seoul, South Korea.
in the Covid-19 Era”, which was jointly
organised by Mapletree and SMU. The
the Gangnam business district has
annual forum is part of the Mapletree
direct access to an underground
Real Estate Programme at SMU.
subway station and enjoys excellent
connectivity across the Seoul
The Group entered into a unit sale and
metropolitan area.
purchase agreement to co-invest in
Mr Wan Kwong Weng (first from right), Group The Pinnacle Gangnam with MNACT
Chief Corporate Officer, Mapletree, together with for KRW452 billion (~S$535.1 million).
Mr Murali Pillai, Adviser to Bukit Batok Grassroots
Located in Gangnam-gu, Seoul, South
NOVEMBER 2020
Organisations, handing out refurbished Mapletree
laptops to the beneficiaries. Korea, the 20-storey freehold office Mapletree continued to deepen
with six underground floors has a its network connectivity in Japan,
GFA of approximately 44,400 sqm. expanding into seven regions through
Mapletree donated 15 upcycled The premium Grade A property in its maiden entry into the Kyushu
laptops to the Bukit Batok Community
Club in Singapore to support children
from low-income families. The laptops,
refurbished with new hard disks and
Microsoft Office Suite, provided more
than 25 beneficiaries with a greater
access to online tuition platforms and
resources.
An artist's impression of the upcoming Kyushu logistics development comprising two blocks of Grade A
four-storey, double ramp-way modern warehouses which will span a total GFA of 231,956 sqm.
34 MAPLETREE INVESTMENTS PTE LTD ANNUAL REPORT 2020/2021
logistics market. The acquired plot distancing guidelines to raise awareness
of prime land is well-connected to of threatened birds. Jointly organised
major transportation infrastructure in by Mapletree, BirdLife International
Fukuoka and spans 116,431 sqm. Upon and the Nature Society (Singapore), the
completion, it is set to be Fukuoka race is a continuation of the partnership
prefecture’s largest logistics warehouse established in 2019. It concluded with
space, comprising two blocks of multi- an online webinar graced by
storey logistics with a combined GFA of Minister for National Development,
231,956 sqm and total investment over Mr Desmond Lee, who also took part
S$550 million. in the race.
Oakwood announced the launch of MIT marked its first foray into
The Unlimited Collection by Oakwood sustainable financing by securing a
with the debut of three downtown, S$300 million sustainability-linked
iconic heritage properties located facility with a tenor of up to six years.
in Singapore’s key architectural The facility integrates its sustainability
conservation precincts. Through performance with its cost of financing.
distinctive residential spaces that
celebrate individualism, the properties MLT completed the acquisitions of
target independent travellers. mTower Wuhan, a Grade A 44-storey office building, eight high-quality Grade A logistics
is located in one of China’s most important science facilities located in the key logistics
Mapletree signed a sales and purchase and innovation clusters in the Hubei Province. hubs of China and Vietnam, as well
agreement to acquire mTower Wuhan, as the remaining 50% interest in 15
a 44-storey international Grade A office logistics properties in China. These
in China. The asset, which spans acquisitions, which will expand MLT’s
81,771 sqm, is located in Wuhan Optics
DECEMBER 2020 regional footprint and enhance its
Valley, Hubei Province. It is one of Mapletree held the first ever digital portfolio returns, are strategically
China’s most important science and 36th Singapore Bird Race which saw located and cater to the modern
innovation clusters. almost 250 participants competing requirements of third-party logistics
in six different categories under safe firms and e-commerce tenants.
Following the acquisition of three
Grade A office buildings in Perimeter
Park in September 2020, Mapletree
acquired another eight office buildings,
with a total NLA of approximately
63,300 sqm, within the same park for
US$164.2 million (~S$220 million).
Mapletree acquired a 36.3-hectare
site in Crestmead, Brisbane, Australia
which will be developed into Mapletree
Logistics Park – Crestmead, one of the
biggest industrial developments within
Brisbane. With excellent access to
the Logan Motorway, city centre, port
and airport, the logistics park will be
developed over four phases to provide
approximately 200,000 sqm of high
grade logistics warehousing and
office space. Minister for National Development, Mr Desmond Lee (second from left) participated in the race
and graced the closing webinar of the 36th Singapore Bird Race.
35
highlights
of the year
situated in the HarbourFront Precinct
within the Greater Southern Waterfront.
It will boast Singapore’s first floating
deck in a residential development.
The project achieved strong take-up,
with 80% of total units sold as at
31 March 2021.
VivoCity, Singapore, revitalised its
promenade-facing food and beverage
cluster on Level 1, welcoming brands
such as Afuri Ramen, Green Common,
Hoshino Coffee and Shake Shack, which
have been warmly received by shoppers.
FEBRUARY 2021
Mapletree further expanded its
growing portfolio of data centres
through the acquisition of a land parcel
in Fanling, Sheung Shui Town in New
Territories, Hong Kong SAR, for about
Higashi Hiroshima Centre which is centrally located in the Hiroshima prefecture of the Japan’s Chugoku HK$813 million (~S$140.4 million).
region, was acquired for approximately S$78.7 million.
The approximately 4,000 sqm
industrial site will be developed into
a data centre with a maximum GFA of
MLT acquired Higashi Hiroshima Mapletree completed its first US student 20,140 sqm upon completion in 2023.
Centre, a modern two-storey freehold housing development project, The As Mapletree’s maiden data centre
logistics facility with a GFA of Chestnut at University City. Comprising in Hong Kong SAR, the facility is
26,969 sqm for JPY6,370 million 405 units, the 30-storey development is strategically placed to serve Chinese
(~S$78.7 million). Its central location adjacent to the Wharton School of the cloud players in Shenzhen and will
in the Hiroshima prefecture in Japan, University of Pennsylvania. offer connectivity to major cities in
with connectivity to Greater Osaka in Mainland China.
the east and Kyushu Island in the west,
makes it ideal for regional distribution JANUARY 2021 MLT secured its first green loan of
within and outside of Hiroshima. S$200 million green revolving credit
Mapletree sponsored the third edition
facility, with OCBC Bank. Proceeds
MLT extended its footprint in Australia of the annual Mapletree-SCCCI River
from the facility will be used to finance
with the acquisition of a purpose-built Hongbao Hackathon. It received a
working capital requirements that are in
modern logistics facility in Brisbane, record 45 submissions from 11 tertiary
line with the eligibility criteria of MLT’s
Queensland for A$114 million institutions under the year 2021’s
green loan framework.
(~S$118.7 million). Sited on freehold theme of “Forging a Brighter Future”.
land, it comprises two buildings with Three teams won S$2,000 in prize
Mapletree acquired an estimated 44,450
a GFA of approximately 55,009 sqm. money and S$5,000 in seed money
sqm of fully completed warehouses
The facility is well-positioned to benefit to set up a display at River Hongbao
in India located adjacent to the three
from its prime location in Acacia 2021 and sell their products via an
forward purchase warehouses in Chakan,
Ridge – an established industrial and e-commerce platform.
Pune. This led to Mapletree owning the
logistics precinct in close proximity to
entire logistics park with an expanded
the city with convenient access to key Mapletree launched The Reef at King’s
total GFA of approximately 103,268 sqm.
transportation infrastructure. Dock, a 429-unit luxury development
36 MAPLETREE INVESTMENTS PTE LTD ANNUAL REPORT 2020/2021
the previous year. On 6 April, SOTA
MARCH 2021 announced the top 10 winners and top
40 finalists for the competition. The
Mapletree launched Culture City.
artworks creatively explored heritage,
Culture Scape., an art book published
global warming and the pandemic,
by the NTU Centre for Contemporary
through the three themes of Looking
Art (NTU CCA Singapore) underscoring
Out of My Window, Space Zoo and
the significance of art in public spaces.
Tropical Fruit.
The book documents the public art
commission at MBC II – through
MLT completed the acquisition of five
featured works by internationally
modern, high specifications freehold
renowned artists including Dan Graham,
logistics properties spanning almost
Tomás Saraceno, Yinka Shonibare
150,000 sqm of GFA in Yongin-Icheon,
CBE RA and Zul Mahmod – and
South Korea, for KRW280 billion (From left) Four aspiring young musicians
highlights the curators’ conversations
(~S$331.5 million). Situated within the Jadelynn Soh, Ang De Jin, Ryan Lim, Teressa Teo,
with the artists and Mapletree’s were awarded with the fourth Mapletree-TENG
prime logistics cluster in the southeast
Chairman Mr Edmund Cheng in Academy Scholarship 2021, which supports youths
region of the Seoul Metropolitan Area, who are passionate in Chinese music.
reflective essays.
the facilities are expected to be highly
sought after by users from high-value
The Group also supported the annual Four aspiring musicians aged 13 to 19
industries and the e-commerce sector.
School of the Arts, Singapore (SOTA) received scholarships in 2021. This
Primary 6 Art Competition for the third brings the number of youths who have
For the fourth year running, the
consecutive year, which drew more benefitted from the scholarships, each
Mapletree-TENG Academy Scholarship
than 1,000 submissions from 166 valued at S$10,000 for a two-year
was awarded to youths who are
primary schools, up from over 800 in tenure, to 18.
passionate about Chinese music.
Mapletree and SMU jointly announced
the newly appointed Chairman and two
other members of the SMU Advisory
Board for the Real Estate Programme,
succeeding their predecessors whose
terms had expired. Comprising
11 leaders in the fields of real estate,
tax, investment, finance and law, the
board provides insights into evolving
industry trends and provides strategic
inputs for SMU’s Real Estate Track.
The Group’s 11th private equity fund,
Mapletree Europe Income Trust
(MERIT), was successfully closed on
24 March, and approximately 1.5
times covered with EUR507 million
(~S$812.9 million) in total equity.
Fully invested at closing, it comprises
seven Grade A office properties which
total approximately 270,000 sqm at
a total asset value of EUR1.2 billion
(From left) Professor Ute Meta Bauer, Founding Director, NTU CCA Singapore, Mr Edmund Cheng,
Chairman, Mapletree, Mr Peter Schoppert, Director, NUS Press, Mr Wan Kwong Weng, Group Chief
(~S$1.9 billion). This further showcases
Corporate Officer, Mapletree, and Ms Khim Ong, Head & Curator, Biennale and Residencies, Singapore Art Mapletree’s core capabilities and
Museum showcasing Culture City. Culture Scape. at its book launch on 5 March 2021. strength as an active capital manager.
37
highlights
of the year
work-from-home trends and sustainability
reporting would impact the demand and
valuation of commercial real estate.
MIT completed the acquisition of a
data centre located at 8011 Villa Park
Drive, Richmond, Virginia, the US.
With an NLA of 65,150 sqm, the
freehold property is fully leased on
a triple net basis to a multinational
company with strong credit standing.
MIT extended rental reliefs of about
S$12.7 million in FY20/21 to support its
tenants in Singapore, which comprised
Strategically located in Pune, Maharashtra, the two single-storey Grade A warehouses which have a
combined GFA of 89,229 sqm mark MLT’s maiden acquisition in India. MIT’s Covid-19 Assistance and Relief
Programme and mandated rental
reliefs under the Covid-19 (Temporary
MLT made its first entry into the The Group held its third Mapletree Measures) Act.
fast-growing India logistics market Annual Lecture titled “The Commercial
with the acquisition of two properties Real Estate Eco-System” on 31 March. Mapletree acquired Uptown Station,
strategically located in Pune, For the first time, it was delivered a fully refurbished commercial asset
Maharashtra for INR4,550 million in a webinar format. More than 230 in Oakland, California, the US for
(~S$83.9 million). The two single-storey participants attended the lecture, US$427.4 million (~S$572.8 million).
Grade A warehouses with a combined supported by Mapletree and organised With a total NLA of approximately
GFA of 89,229 sqm are leased to a by SMU. Keynote speaker Professor 36,900 sqm, the freehold asset is
quality tenant base comprising primarily Stijn Van Nieuwerburgh from Columbia strategically located within the heart of
multinational corporations. University’s Graduate School of Business the central business district and enjoys
also joined the panel for an insightful excellent access to main transportation
Mapletree extended its support discussion that explored how nodes in the city.
for hackathons with the inaugural
Mapletree x NP Hack 2021. It spurred
18 solution-ideas by Ngee Ann
Polytechnic (NP) students – under the
themes of Community, Business and
Sustainability – which tackled the multi-
faceted challenges of the Covid-19
pandemic. Over 70 NP students took
part in the three-day hybrid hackathon
that comprised design thinking, skills-
up workshops and a solutions clinic to
equip them with new, marketable and
future-ready career skills.
1 After expenses, taxes and base management
fee but before carried interest.
2 All properties are sited on freehold land,
except for the parking deck (150 Carnegie
Way) at 180 Peachtree, Atlanta, the US. As
at 31 March 2021, the parking deck has a
remaining land lease tenure of approximately The third Mapletree Annual Lecture was held in a webinar format on 31 March 2021 by keynote speaker
34.8 years, with an option to renew for an Professor Stijn Van Nieuwerburgh from Colombia University’s Graduate School of Business.
additional 40 years.
38 MAPLETREE INVESTMENTS PTE LTD ANNUAL REPORT 2020/2021
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