Mapletree Investments has closed its maiden US office fund, Mapletree US Income Commercial Trust (MUSIC) with US$552 million ($745.2 million) in total fund equity.

In a media release by Mapletree on Sept 23, the group says strong participation was seen from new and repeat investors comprising pension funds, insurance companies, investment companies, asset managers and private banking clients.

The trust has a target internal rate of return (IRR) of 12%, which Mapletree says represents both a yield plus growth total return from a resilient and income-generating portfolio. 

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