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Mapletree To Wind Down $1.4bn Property Fund
March 27, 2026
Mapletree Investments is winding down its property fund, Global Student Accommodation Private Trust, after years of underperformance. The fund once held over $1.4bn in assets but currently holds only $700mn in assets. The fund was launched in 2017 and generated a net internal rate of return of just 1.1% by end-2025 against an initial target of 12%. Investors voted in March to reject Mapletree’s proposals for an extension, forcing a liquidation. Investors are expected to recover less than 80 cents on the dollar from the sale of its remaining assets. Mapletree itself has cautioned that selling all properties at targeted prices within a year is not guaranteed. The fund was marketed as a “high-yielding, recession-resilient” play on student housing across the UK and US. However, problems surfaced early with low occupancy, poor property management, costly refurbishments on ageing buildings, and the pandemic induced disruption. Despite a three-year extension granted by investors to avoid distressed sales, distributions were halted after mid-2023 due to high interest rates and capital preservation needs.
Mapletree’s SGD 3.7% Perp traded stable at 98.6, yielding 3.75%
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