SINGAPORE – Temasek-owned Mapletree Investments is placing a bigger bet on warehouses and logistics parks across Malaysia, Vietnam and India, as rising e-commerce activity and shifting supply chains fuel demand for modern logistics facilities, and as it looks to get back on track with its longer-term growth plans.This comes after the real estate giant’s assets under management (AUM) and recurring fee income both declined in the recent financial year (FY).In a June 2 statement announcing the firm’s results for the FY ended March 31, Mapletree Investments group chief executive Hiew Yoon Khong said that the company accelerated the development of its global logistics asset portfolio across multiple markets to deliver strong earnings.For the FY, Mapletree reported a 25.7 per cent year-on-year increase in its profit after tax and minority interests to $285.6 million, while revenue remained flat at $2.2 billion.Mapletree, which also celebrates its 25th year in business this year, has evolved from a government-linked landlord into a global real estate investor and asset manager with $76.2 billion in FY2026 AUM, enabling it to derive much of its income from managing assets on behalf of investors.However, this is lower than its AUM of $80.3 billion in FY2025, as well as $77.5 billion in FY2024.The decline leaves the asset manager slightly behind pace in achieving the five-year growth target it unveiled last year, which aims to increase AUM to between $100 billion and $120 billion.Recurring fee income, which Mapletree said is a central pillar of its business model, also dropped from $457.8 million to $434 million in FY2026.Its portfolio currently spans four core sectors - logistics, offices, student housing and data centres. These are held through three Singapore-listed real estate investment trusts (REITs) – namely Mapletree Industrial Trust, Mapletree Logistics Trust and Mapletree Pan Asia Commercial Trust (MPACT), as well as nine private real estate funds.The company attributed a significant portion of its growth to its logistics business, which makes up 42.5 per cent of its assets or $32.4 billion, and comprises warehouses, distribution centres and logistics parks.The majority of its logistics properties are located in China, and apart from Asia it also has a presence in Australia and European countries such as Spain and Poland.For FY2026, 10 out of the 13 completed Mapletree projects came from this sector, while the company was also awarded another 12 new logistics contracts.As at March 31, it had $2.6 billion worth of logistics projects under development, comprising almost half of all the company’s projects.For further growth, Mapletree is also expecting to achieve the first close of a new logistics fund, the Mapletree Emerging Growth Asia Logistics Development Fund (Mega), by the middle of this year.A first close is the point at which a fund has secured enough investor commitments to launch operations.The fund was first announced in June 2025 and had originally been scheduled to close by the end of that year.Mega will invest in logistics developments across Malaysia, Vietnam and India. According to Mapletree, these are fast-growing, domestic consumption-driven economies where there is structural undersupply of institutional-grade logistics space.Mapletree has set a US$1.8 billion (S$2.3 billion) target for its Mega fund.Other than logistics, the company is also expanding its commercial property and student housing businesses.In October 2025, it announced a new 123,000 sqm flagship commercial project in Singapore’s Greater Southern Waterfront as part of the rejuvenation of the Harbourfront area, where it also manages VivoCity and HarbourFront Towers.The current HarbourFront Centre will make way for the new 33-storey building, which will comprise 26 floors of offices and five floors of retail space, and is expected to be completed by the first half of 2031.The company is also currently building a new mixed development in Hanoi with 92,000 sqm of gross floor area.In India, Mapletree’s office portfolio is expected to rise to around 1.8 million sqm of net lettable area (NLA), after it acquired a land parcel of over 19,000 sqm in the city of Pune to develop an office park that would potentially have around 167,000 sqm of NLA.In August 2025, it added the Australian market to its student housing business with an 835-bed development in Perth. The bulk of Mapletree’s student housing portfolio is located in the UK, and it also includes properties in Canada, Germany and the US.Mapletree’s other core business is in data centres, which comprises assets primarily in the US as well as Hong Kong and Canada. In May 2025, it completed the fitting-out works of its data centre in Osaka, Japan, which it acquired in 2023 for 52 billion yen (S$416 million).It is reportedly looking at building a data centre in Mumbai, India which would deliver about 400 MW of capacity.The firm’s focus on its global logistics platform, development projects and core sectors, as well as strong capital management capabilities, is expected to help support earnings and long-term growth amid ongoing economic uncertainty, Hiew said.The manager for Mapletree Industrial Trust, which comprises data centres as well as industrial and office buildings, said in its financial statements that it expects its business performance in the near term to take a hit, due to confirmed non-renewal of leases in the US for FY2027 and higher borrowing costs.The Middle East conflict could dampen leasing demand for logistics assets, said the manager for Mapletree Logistics Trust. It will continue to prioritise healthy occupancy, rental stability and cost efficiency, while pursuing acquisitions, asset upgrades and asset sales where opportunities arise.Meanwhile, MPACT’s manager said the REIT is in a stronger position than a year ago to withstand global uncertainty, following a series of asset sales and debt reduction efforts that have improved its financial position and increased its exposure to Singapore, its most stable market.