Temasek's Mapletree Investments returns to profit, hits record AUM of S$80.3 billion in FY2025
[SINGAPORE] Temasek's Mapletree Investments reversed a loss from the previous year to turn a profit of S$227.2 million for the full-year ended Mar 31, on the back of narrowed overall revaluation losses.
This was while its assets under management (AUM) hit a record S$80.3 billion, 3.6 per cent higher than S$77.5 billion reported in the same period the year before, the company said in a statement on Tuesday (Jun 3).
Revenue for the period was S$2.2 billion, lower than the year before due to the deconsolidation of Mapletree Logistics Trust (MLT), one of three Singapore-listed real estate investment trusts managed by the group.
Excluding the impact of the deconsolidation, the group's revenue was 1.2 per cent higher than in the previous financial year.
Recurring profit after tax and minority interests was S$637.4 million for the full year.
Separately, the company recorded total net proceeds of S$897 million from divestment of non-core assets, other divestments to MLT and the syndication of Mapletree Japan Investment Country Private Trust.
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The group's projects under development increased to S$5.5 billion, from S$3.7 billion previously.
Hiew Yoon Khong, group chief executive officer, said the company had deepened its focus on its core sectors for this FY. These include logistics, student housing, office and data centres.
This was done through prioritising operational performance, investing selectively in specific markets with growth potential, and embarking on more development projects for higher returns, he added.
'These strategic priorities underpinned Mapletree's resilient FY24/25 performance, and will continue to guide the group in fostering sustainable growth.'
Logistics and accommodation
Mapletree Investments manages three Singapore-listed real estate investment trusts and nine private equity real estate funds.
In logistics, the group continued to acquire quality logistics assets and embarked on new logistics development initiatives across the Asia-Pacific.
In Europe, it entered the United Kingdom logistics market by acquiring Derby DC1 and Verda Park. It also deepened its presence in Spain by acquiring a portfolio of 10 logistics assets.
As at Mar 31, 2025, the group's logistics portfolio in Europe and the UK stood at S$2.2 billion.
The group is also currently marketing a new logistics development fund, focusing on Malaysia, India and Vietnam, where 'institutional-grade logistics products are undersupplied', it said.
The Mapletree Emerging Growth Asia Logistics Development Fund (Mega), will comprise development assets with a total AUM of US$1.8 billion, and is targeted to close this year.
In student housing, the group completed a £1 billion (S$1.7 billion) acquisition of a portfolio of 31 UK and Germany student housing assets. This move sent Mapletree to fourth position among the largest student-housing owners in the UK as at Mar 31, from seventh place.
Offices and data centres
As for the office sector, Mapletree continued to pour investments into the India and Vietnam markets to ride the demand for quality offices.
In India, the group acquired a land parcel in Bengaluru for a greenfield office-development project called Global Business City in FY24/25. When completed, it will house office spaces with a net lettable area of 743,224 square metres (sq m) on a plot 153,780 sq m in size.
Over in Vietnam, Mapletree acquired a land parcel in Hanoi to develop a 92,000 sq m, Grade-A mixed-use office project with retail amenities.
In the data centre sector, Mapletree Industrial Trust acquired a freehold, mixed-use facility in Japan, with a redevelopment opportunity to turn it into a data centre.
Meanwhile, the group's first data centre development, in Fanling, Hong Kong, is set to complete in the second half of this year.
'Mapletree will continue to explore new opportunities to expand its data centre footprint in established core markets in Europe, where investor appetite remains strong,' it said.
It will also explore emerging markets such as London, Milan and Madrid, which present 'strong potential for returns'.
In the Asia-Pacific, the group will focus on mature and high-potential markets such as Japan and Korea.
Said Hiew: 'We will continue to prioritise enhancing operational performance for our existing assets, maintaining a selective investment approach in markets with growth potential, creating greater value through development projects ... all the while deepening collaborations with like-minded capital partners on new funds and syndication.'
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