Media Resouces
Mapletree Sells The Cottages of Boone
20 Jun 2024

SINGAPORE – Mapletree Investments (“Mapletree”) is pleased to announce the successful divestment of The Cottages of Boone, an 894-bed student housing asset serving Appalachian State University in Boone, North Carolina. The Cottages of Boone is held in Mapletree Global Student Accommodation Private Trust (“MGSA P-Trust” or “the Trust”), a fund managed by Mapletree Real Estate Advisors Pte. Ltd. (MREAL), a wholly-owned subsidiary of Mapletree.

Mr Matt Walker, Chief Executive Officer, Student Housing, said, “This divestment is aligned with the Trust’s overall objective of driving value and maximizing returns to our investors through strategic dispositions. This transaction is an excellent outcome for investors and a testament to Mapletree’s ability to consistently deliver business plans and execute this transaction in a challenging environment.”

The Cottages of Boone is situated off North Carolina Highway 105 and offers convenient access to Appalachian State University as well as stunning views of the surrounding mountains. The asset features three bus stops, with buses arriving every 20 minutes to transport students directly to campus. The asset also offers residents an attractive amenity base and a conducive study environment, that includes a spacious fitness center, yoga studio, dry sauna, steam room, a library and conference rooms.

The transaction was completed on 7 June 2024.


The Cottages of Boone, an 894-bed student housing asset serving Appalachian State University in Boone, North Carolina, has been successfully divested by Mapletree. 


Heng Sue Yuan

Director, Corporate Communications

Tel: + 65 6807 4031


Alexis Ong

Manager, Corporate Communications

Tel: +65 6807 4026


Headquartered in Singapore, Mapletree is a global real estate development, investment, capital and property management company committed to sustainability. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, the Group has established a track record of award-winning projects and delivers consistently attractive returns across real estate asset classes.

The Group manages three Singapore-listed real estate investment trusts (“REITs”) and nine private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, Europe, the United Kingdom (“UK”) and the United States (“US”). As at 31 March 2024, Mapletree owns and manages S$77.5 billion of office, retail, logistics, industrial, data centre, residential and student accommodation properties.

The Group’s assets are located across 13 markets globally, namely Singapore, Australia, Canada, China, Europe, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US and Vietnam. To support its global operations, Mapletree has established an extensive network of offices in these countries.

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