Mapletree APAC Logistics Development Fund (IFC-48655)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Singapore
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 8, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Mapletree Investments Pte Ltd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Potential Rights Impacts
  • Healthy Environment
Only for projects receiving a detailed analysis, a broad category of human and environmental rights and frequently at-risk populations.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 600.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 600.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 26, 2024

Disclosed by Bank May 23, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, Mapletree Investments Pte Ltd (“Mapletree”) is a global real estate development, investment, capital and property management company headquartered in Singapore. Mapletree will be establishing a private fund platform   (the “Fund”) for the development, construction, and operations of modern logistics warehousing assets in India, Malaysia, and Viet Nam to start with. The proposed IFC project is a senior green loan facility of up to US$600 million to subsidiaries of the Fund, consisting of (i) an A Loan of up to US$250 million from IFC to Vietnamese project companies; and (ii) parallel loan mobilization of up to US$350 million from parallel lender to Indian project companies. The projects to be funded in Viet Nam are already identified, including eight pipeline sites – 2 in Bac Giang, 3 in Hung Yen, and 3 in Dong Nai  provinces, whereas in India, four pipeline sites – 1 in Bangaluru, 1 in Mumbai and 2 in Chennai  have been identified (altogether, will be referred as sub-projects). All warehouses in Viet Nam are expected to be within industrial parks while all sites in India are in established industrial warehousing locations.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B Project according to IFC’s Policy on Environmental and Social Sustainability (2012). Key E&S risk and issues associated with this project include the group and site-level E&S management systems during construction and operation, including labor and working conditions, and occupational health and safety (OHS) performance, including third party contractors; waste and effluent management; water and energy conservation; life and fire safety and emergency response procedures; land acquisition and involuntary resettlement including legacy issues and prior land use; stakeholder engagement and grievance redress mechanism.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC’s proposed financing package comprises of an A Loan of up to US$250 million, and Parallel Loan of up to US$350 million.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The proposed investment is expected to be provided to certain special purpose vehicles incorporated in Singapore and Viet Nam directly and indirectly owned by the Fund.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Mapletree Investments Pte Ltd Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Mapletree Investments Pte Ltd
Gautam Marathe
Director, Group Treasury
+65 6377 6111
gautam.marathe@mapletree.com.sg
10 Pasir Panjang Road, #13-01 Mapletree Business City, Singapore 117438
www.mapletree.com.sg

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works