Singapore’s CapitaLand Investment Ltd and Mapletree Investments Pte Ltd are reportedly exploring a potential merger that would create one of Asia’s largest real estate asset managers.
According to a Dow Jones report Monday, the merger of the two companies, which are linked to state investor Temasek Holdings, could result in a real estate manager with more than $150 billion in assets.
The report, which quoted people familiar with the matter, however, said that talks are preliminary and may not lead to a deal.
CapitaLand Investment is Temasek-backed, while Mapletree is wholly owned by Temasek. CapitaLand Investment shares are listed in Singapore. Mapletree operates as a privately held manager overseeing several Singapore-listed REITs and private funds.
According to the report, a tie-up would combine two leading Singapore property managers across REITs, private funds, logistics, commercial, and student housing.
As of August 13, 2025, CapitaLand Investment had S$117 billion of funds under management. It holds stakes in eight listed real estate investment trusts and business trusts and a suite of private real asset vehicles that invest in demographics, disruption and, digitalisation-themed strategies.
In September, CapitaLand Investment and SC Capital Partners launched a fund to develop industrial real estate in the UAE.
The SC GCC Real Estate Industrial Development Fund will be co-sponsored by CLI, a global real estate asset manager listed in Singapore with $91 billion in assets under management.
Mapletree, on the other hand, reported S$80.3 billion in assets under management as of March 31, 2025, across 13 markets, spanning logistics, offices, data centres, retail, and student housing. Its notable Singapore assets include VivoCity and Mapletree Business City.
Last month, the firm unveiled plans for a 123,000-square-metre flagship commercial project at HarbourFront Centre, part of the Greater Southern Waterfront redevelopment.
The 33-storey integrated development will pair an upscale retail podium (Basement 2 to Level 3) with 26 floors of Grade-A offices from Levels 8 to 33.
