Mapletree Logistics Trust Owns a Diversified Portfolio of Logistics Assets Across the Asia-Pacific
Mapletree Logistics Trust is a real estate investment trust focusing on income-producing logistics properties in the Asia-Pacific. Most of the trust’s properties are strategically located with good access to key transport networks. The trust’s property portfolio is of good quality, in our view, and well positioned to fill the gap of the limited supply of modern logistics spaces in Asia-Pacific. At the same time, the markets that MLT operate in benefit from strong secular tailwinds of e-commerce adoption and increasing middle-class consumption, driving leasing demand for its warehouses. Since its IPO, the manager has increased the trust’s assets under management and distribution per unit by using a mixture of leasing, asset-enhancement initiatives, or AEIs, and capital recycling.