Brookfield Asset Management is seeking to buy a Singapore industrial portfolio from a real estate investment trust backed by state investor Temasek Holdings Pte, according to people familiar with the matter.
The Canadian asset manager is considering the assets owned by Mapletree Industrial Trust, which are valued at about S$500 million (US$384 million), the people said, asking not to be identified because the discussions are private.
While a deal may still not materialize, according to the people, the talks are a sign of continuing foreign investor interest in an asset class that has stood out in a otherwise lackluster commercial real estate market in the city-state. Activity has been hobbled by valuation gaps between sellers and buyers, along with reduced risk appetite due to high borrowing costs and geopolitical tensions.
Representatives for Brookfield and Mapletree declined to comment.
Investors have been drawn to industrial spaces because of their relatively higher yield and attractive pricing, despite limited opportunities on an island with many closely held assets. Last year, a Warburg Pincus LLC-backed joint venture — now named Vita Partners — bought a S$1.6 billion portfolio of business parks and specialist facilities.
Mapletree Industrial Trust owns more than 140 properties. Its Singapore portfolio was valued at about S$4.3 billion at the end of March, with the bulk of the rest in North America.
Shares of Mapletree Industrial Trust have fallen more than 12% this year, versus a roughly 2% gain in the benchmark Straits Times Index.
Low De Wei, Bloomberg News
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