Mapletree Investments and CapitaLand Investment, two of Singapore’s largest real estate asset management companies, are discussing a merger. If successful, the combined entity would manage over US$150 billion in assets, potentially becoming a leading real estate giant in the Asia-Pacific region.
Merger Background
This merger is part of a strategic consolidation effort within Temasek Holdings. Temasek currently owns 100% of Mapletree and holds a 54% stake in CapitaLand. In recent years, Temasek has spearheaded several asset consolidations, such as the 2023 merger of Keppel Offshore & Marine and Sembcorp Marine to form Seatrium.
Business Overview
Mapletree Investments: As of March 2025, it manages S$80.3 billion (approximately US$61.7 billion) in assets, overseeing three listed REITs and nine overseas private real estate funds, with operations spanning the Asia-Pacific, Europe, and the Americas. CapitaLand: As of August 2025, its assets under management reached S$117 billion (approximately US$90 billion), encompassing seven listed REITs across commercial real estate, retail, hospitality, and industrial logistics, with a presence in China and Europe.
Potential Impact
The merger could solidify Singapore’s position as a real estate capital hub in the Asia-Pacific region, creating stronger fundraising capabilities and global competitiveness, and driving a wave of consolidation among regional real estate funds. However, the merger is still in its early stages, and its ultimate success remains uncertain.