[Edaily Marketin, Reporter KIM SUNG-SOO ] Investors in a publicly offered fund managed by Mirae Asset Management that invests in Amazon logistics centers in the U.S. have received profit distributions totaling over 1.5 billion won. Following the extension of the loan maturity on the assets through refinancing, the fund’s maturity was also extended, ensuring operational stability.

As the vacancy rate in the U.S. logistics market has turned downward for the first time since 2022, the rental market is expected to regain balance in the long term.

Annualized Return of 4.05%…Providing Cash Flow to Investors

According to the financial investment industry on the 9th, the real estate fund “Mirae Asset MAPS U.S. Real Estate Investment Trust No. 16” (hereinafter “MAPS No. 16”), managed by Mirae Asset Management, paid out approximately 1.52 billion won in profit distributions for its 12th period.

This distribution was based on the fund’s financial settlement on the 31st of last month and was paid on the 2nd, the business day following the settlement date. The annualized yield is 4.05%.

MAPS No. 16 is a publicly offered real estate fund that invests in and manages Amazon logistics centers in the U.S., distributing the resulting profits to unitholders. It seeks to generate capital gains through future real estate sales and other means. The fund was established on October 28, 2020, and has been distributing dividends following its financial settlements at the end of April and October each year.

The fund’s limited partnership, “MAPS US Logistics Partners LP,” initially owned three Amazon logistics centers in the U.S.

These logistics centers are located in △Indiana (Amazon Greenwood), △Ohio (Amazon Bedford Heights), and △North Carolina (Amazon Concord). Of the three, Amazon Concord was sold on October 7 of last year for $51.95 million (approximately 77.41589 billion won).

“Amazon Concord” is a newly constructed “last-mile” logistics center located approximately 28 km northeast of downtown Charlotte. It is accessible from downtown Charlotte in less than 22 minutes via I-85.

After paying ancillary costs such as transaction fees and taxes, the proceeds from the sale were used to make an early partial repayment of the principal on local senior loans for two other Amazon logistics centers.

Amazon is under a binding lease covering 100% of the portfolio’s leased area through 2032, with no early termination option. Furthermore, if the tenant exercises all three five-year extension options, the lease term will expire in 2047.

MAPS Fund No. 16 has completed the transition to CBRE as the local property manager, and CBRE is currently handling building management and accounting duties.

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S. Logistics Vacancy Rate Turns Downward… First Time Since 2022

Previously, MAPS No. 16 secured a new lender on December 23 of last year and completed the refinancing of its local senior loan. This extended the loan maturity by two years. The loan term is three years, and the extended maturity date is January 1, 2029.

However, the interest rate more than doubled, rising from 2.32% to 5.36%. The repayment structure calls for a lump-sum principal payment at maturity, with monthly interest payments required.

The fund’s maturity has also been extended. Although the fund was originally scheduled to be liquidated in the first half of this year, a motion to “extend the fund’s maturity by five years” was approved at the unitholders’ meeting held on March 24. Consequently, the final maturity date has been changed to April 2031.

Payments for the buyback requests submitted by investors opposing the fund extension were also completed on April 27.

With the loan maturity extension and fund maturity extension completed in succession, and the recent distribution payment now finalized, the fund has provided investors with cash flow while securing an additional period for management.

Although the U.S. logistics real estate market is undergoing a correction, analysts attribute this outcome to the growing likelihood that the market will regain balance in the long term as tenant demand recovers.

As of the third quarter of this year, the vacancy rate in the

stood at 7.3%, down approximately 0.1 percentage points (p) from the previous quarter. This marks the first decline since 2022.

However, the pace of rent growth is slowing. The year-over-year rent growth rate was recorded at approximately 1.6%, a slowdown of about 0.6 percentage points compared to the previous quarter. Rent per square foot (sqft) remains at approximately $12.20.

This is due to the continued tenant-favorable market driven by competition from newly completed properties. In such a market, tenants can actively demand rent reductions and more favorable lease terms.

However, new supply is expected to decrease in the long term. Through next year, supply is projected to slightly exceed demand, causing the vacancy rate to stabilize in the low 7% range before gradually declining starting in 2028.

A real estate industry official stated, “Although the U.S. logistics real estate market is not experiencing the explosive growth it did in the past, market stabilization centered on high-quality logistics assets will be possible if the reduction in new supply continues,” adding, “Mirae Asset also appears to have shifted its strategy toward long-term holding rather than short-term liquidation.”