Mapletree Investments has closed its latest office fund, Mapletree Europe Income Trust (MERIT) with EUR507 million ($816 million) in total fund equity.

MERIT’s third-party fundraise was approximately 1.5 times covered with participation from new and repeat investors comprising pension funds, insurance companies, investment companies, asset managers and private banking clients.

The trust will be managed by Mapletree Real Estate Advisors, a wholly-owned subsidiary of Mapletree. Mapletree will retain a 27% stake in MERIT, similar to its approach with other Mapletree-sponsored private funds and its four Singapore-listed REITs.

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