On May 17, Mapletree Investments announced the closing of Mapletree Japan Investment Country Private Trust (MAJIC). This is the group’s second Japan logistics development fund and third fund focused on Japan, after prior successful funds in logistics development and office respectively delivered strong performances and exceeded their original target returns.
MAJIC is majority seeded with initial logistics development properties sourced by the Sponsor, providing good visibility in terms of the Fund’s deployment. The Fund is expected to achieve over JPY 110 billion ($1.0 billion) in assets under management, after full deployment and all development projects are completed.
The Fund is majority seeded with three logistics development projects comprising a forward purchase of a last-mile logistics property located next to Tokyo Bay, as well as land plots for development into modern logistics facilities located in central Kyoto and Sanbongi.
All three assets feature quality specifications and are strategically located within or around major metropolitan areas that are close to logistics infrastructures such as cargo airports, ports, expressways, or industrial zones. The Fund will also continue to source quality logistics development projects for acquisition, in order to fully deploy the committed capital raised.
The Fund’s investors comprise new and repeat investors including sovereign wealth funds, investment companies and family offices. Mapletree will maintain a minimum of 20% stake in MAJIC, representing alignment of interest with investors, similar to its approach with prior Mapletree-sponsored private funds. A unit of Mapletree will manage the fund.
MAJIC will be Mapletree’s 16th private equity fund and the 3rd in a series of funds focused on Japan.
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Demand for modern logistics facilities in Japan is expected to continue its outperformance, underpinned by the acceleration of e-commerce and third-party logistics, growth in advanced manufacturing activities and supportive regulatory changes.
