SINGAPORE - Mapletree Investments plans to expand into Europe and the United States due partly to a weak outlook for Asia, it said as it posted its full-year results on Friday.
It will also venture into new sectors of real estate, group chief executive Hiew Yoon Khong said in a statement.
"While ... the outlook for Asian markets remains stable, it is not expected to be robust," he noted. "We will ... begin expanding beyond Asia into regions such as Europe and the US, and into new real estate sectors, to further diversify earnings."
Mapletree, a unit of Temasek Holdings, posted earnings of $859.4 million for the 12 months to March 31, down 7.8 per cent from the year before.
Revenue came in at $548.6 million, 20 per cent lower than the $686.3 million it notched up the preceding year.
It said the revenue decline was due mainly to the deconsolidation of the Festival Walk mall in Hong Kong, which it spun off to the Mapletree Greater China Commercial Trust, as well as the Mapletree Anson office building in Tanjong Pagar which it sold to Mapletree Commercial Trust.
The group grew its total assets under management to $24.6 billion, up 13 per cent from $21.8 billion the preceding year.
It said last month that it was buying a 49 percent stake in Oakwood Asia Pacific, the Asia arm of United States-based serviced apartment operator Oakwood Worldwide.
Before that, Mapletree had been focused on industrial and commercial property and is known for developments such as the VivoCity mall and Mapletree Business City.