Mapletree Logistics Trust

What Mapletree Logistics Trust does

Mapletree Logistics Trust (MLT) is a Singapore-listed Real Estate Investment Trust (S-REIT) constituted under a Singapore trust deed and managed by Mapletree Logistics Trust Management Ltd., a wholly-owned subsidiary of sponsor Mapletree Group. The trust invests in and operates logistics real estate across nine Asia Pacific markets (Australia, China, Hong Kong SAR, India, Japan, Malaysia, Singapore, South Korea, and Vietnam), holding S$13.1 billion in assets under management comprising 8.2 million square metres of quality logistics space across 63 cities and serving over 900 customers. MLT was IPO-listed on the Singapore Exchange in July 2005 under ticker M44U (MX.SI).

The trust's core offering is logistics property leasing, supplemented by three additional customer solutions: sale-and-leaseback arrangements for asset-light strategies, asset enhancement of older properties, and development services covering both logistics park and build-to-suit projects. The portfolio is concentrated in modern Grade A warehouse specifications with cold storage capability, multi-storey ramp-up designs, and environmental features; 67% of the portfolio by GFA is green certified and 131.8 MWp of solar capacity is installed, the largest among Singapore REITs. Revenue is generated primarily through recurring rental income under multi-tenanted and single-user leases, with quarterly distributions to unitholders funded by net property income after management fees and interest. Tenant segments are diversified horizontally across e-commerce, third-party logistics providers, retail and FMCG companies, and manufacturers, with anchor tenants including Coles (Australia) and Unilever (Vietnam). Greater China represents the single largest geographic exposure at 41% of AUM but contributes only 32% of gross revenue, an imbalance the manager is actively addressing through a S$1 billion divestment and recycling program into higher-growth markets such as India.

Q4 FY2025-26 revenue was S$176.6 million (down 1.7% year-over-year), net property income was S$151.4 million, and amount distributable to unitholders was S$93 million (down 6.1% year-over-year), reflecting divestment proceeds and regional currency softness. Portfolio occupancy stood at 96.9% with positive rental reversion of 3.3%, and full-year FY2025-26 DPU was S$0.07262 supporting a distribution yield above 6%. The trust has executed multiple capital raises since IPO, including a S$200 million private placement in April 2023, and has ongoing strategic activity including a S$53.6 million acquisition in Mumbai (its first entry into that market) and ongoing divestments of mature China and Singapore assets into a sponsor-led RMB fund.

Name

Mapletree Logistics Trust

Legal name

Mapletree Logistics Trust Management Ltd.

Website

https://mapletreelogisticstrust.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Mapletree Logistics Trust is a Singapore-listed REIT that owns and operates S$13.1 billion of Grade A logistics real estate across nine Asia Pacific markets, serving over 900 enterprise customers through leasing, build-to-suit, and sale-and-leaseback solutions.

Ownership category

akta.pro rank

Product category

Logistics Real Estate

NAICS

General Warehousing and Storage (493110), Warehousing and Storage (4931), General Warehousing and Storage (49311)

SIC

Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531), Public Warehousing & Storage (4220)

akta.pro primary industry

Industrial & Logistics Real Estate Asset Management (BPAJAMAC)

akta.pro secondary industries

Warehousing & Logistics Facilities Brokerage (BPAJACAA), E-commerce & Fulfillment Warehousing (Dedicated/Shared) (TLAIACAJ)

Keywords

• Logistics real estate
• Warehouse leasing
• Asia pacific reit
• Build-to-suit logistics
• Sale and leaseback

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. Rental Income from Warehouse Leasing: Primary revenue stream from leasing logistics spaces to customers across the portfolio. Rental income is generated from multi-tenanted buildings and single-user assets with varying lease terms.
2. Distribution to Unitholders: Trust distributes taxable income from rental revenue minus operating expenses, management fees, and interest costs to unitholders on a quarterly basis.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Mapletree Logistics Trust is a Singapore-listed REIT that owns and operates a portfolio of modern logistics warehouses across Asia Pacific, leasing space to e-commerce, 3PL, retail, FMCG, and manufacturing companies. It offers logistics property leasing, sale and leaseback, asset enhancement, build-to-suit development, and logistics park development to enterprise customers across 9 markets, with revenue derived primarily from rental income distributed quarterly to unitholders.

Product overview

Mapletree Logistics Trust (MLT) is a Singapore-listed Real Estate Investment Trust (S-Reit) focused exclusively on logistics real estate across Asia Pacific. The trust operates as a unified financial product offering logistics property leasing across nine geographic markets (Australia, China, Hong Kong SAR, India, Japan, Malaysia, South Korea, Singapore, Vietnam). The portfolio encompasses approximately S$13.1 billion in assets under management, comprising 8.2 million sqm of quality logistics space across 63 cities. MLT serves 900+ customers through four integrated customer solution offerings: Logistics Property Leasing (core), Sale & Leaseback, Asset Enhancement, and Development (including Logistics Park Development and Build-to-Suit services).

Differentiator

Problem solved

Functional benefit

Products and services

• Logistics Property Leasing

Quantifiable outcome

• 96.9% portfolio occupancy with positive rental reversion of 3.3%
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• CS Ceramiche / Indigo Star HoldingsminorOthers · 22 July 2026CS Ceramiche, a subsidiary of Indigo Star Holdings, acquired a cargo lift warehouse in Singapore's Changi South from MLT for S$16.6 million, representing a 20% premium to its latest valuation. This is a property transaction rather than a commercial partnership.

Scale indicators14 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• GLP J-REIT: Tokyo Stock Exchange-listed Japanese logistics REIT managed by GLP Japan Investments. Direct peer in the modern logistics warehouse segment with comparable tenant profile and asset specifications.
• Nippon Prologis REIT: Japan-listed logistics REIT sponsored by Prologis, focused on Class A logistics facilities in Japan. Direct peer in Asia's largest single logistics real estate market with similar Grade A asset focus.
• Goodman Group: Australia-listed specialist logistics and industrial real estate investment and development group with significant Asia-Pacific operations. Direct peer competing for the same customer base (3PLs, e-commerce) and high-grade logistics investments.
• ESR Group: Hong Kong/Singapore-listed Asia-Pacific logistics and data centre real estate platform. Direct peer as the largest dedicated Asia logistics REIT sponsor, competing for institutional capital and acquisition targets across the same geographies.
• Mapletree Industrial Trust: Singapore-listed industrial REIT also sponsored by Mapletree Investments. Sibling trust within the Mapletree REIT family with overlapping capital allocation decisions and shared sponsor pipeline, focused on industrial/data centre properties.
• Daiwa House REIT Investment Corporation: Tokyo-listed diversified REIT with substantial logistics property exposure alongside industrial and residential assets. Peer in the Japanese logistics market with comparable modern warehouse specifications.
• Frasers Logistics & Industrial Trust: Singapore-listed pan-Asia logistics and industrial REIT managed by Frasers Property. Direct peer with multi-country logistics property portfolio and similar institutional customer base.
• ESR-REIT (Singapore): Singapore-listed industrial REIT with logistics and hi-tech industrial properties. Direct peer competing for the same Singapore-based logistics customers and capital pool.

Regional players

• Sabana Industrial REIT: Singapore-listed industrial REIT focused on Singapore-only industrial properties. Regional peer with overlapping tenant base but geographically narrower than MLT's pan-Asia strategy.

Broad incumbents

• Dexus (formerly AMP Capital): Australia-listed diversified REIT and funds management business with logistics/industrial exposure. Broader incumbent with Australia-focused logistics assets overlapping with MLT's Australian portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mapletree-logistics-trust-mlt-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mapletree Logistics Trust