Mapletree closes US$1.3 billion private trust for student dorms
Mapletree Investments has closed a private trust to hold US$1.3 billion in student-accommodation assets in the UK and the US – a move that makes this not only the first such product in Singapore, but also the first of a series of private trusts for the group.
The Temasek unit is also aiming to launch Singapore’s first initial public offering (IPO) of student-housing assets when the portfolio grows to S$4-5 billion.
For a start, its private trust for the asset class – Mapletree Global Student Accommodation Private Trust (MGSA P-Trust) – will hold an 8,363-bed US portfolio of 10 assets, and a 5,910-bed UK portfolio of 25 assets …