Mapletree Investments Buys Chennai’s IT Park In India’s Largest Realty Asset Deal

In what is deemed as the largest-ever single realty asset transaction in India, Mapletree Investments has acquired information technology park SP Infocity in Chennai for around Rs 2,400 crore. The deal was confirmed by two persons with direct knowledge of the development.

“The deal is concluded and is likely to be announced anytime soon,” ET quoted one of the persons mentioned above as saying.

Mapletree Investments and Shapoorji Pallonji Investment Advisors are yet to officially announce the deal.

Until now, SP Infocity was so far jointly owned by the Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Investment Advisors.  The office park in the southern metro’s IT corridor with 2.7 million sq ft leasable space was partially occupied when CPPIB came in as an investor three years ago.

Now that the tech park is completely occupied with A-grade tenants like World Bank, Amazon, BNP Paribas, Freshworks, and HSBC, SP-CPPIB was in news for its plans to sell the assets as part of its business model. The tech park was up for selling was in news for some time with a buzz of Mapletree being the highest bidder for the property was running high.

Apart from Mapletree Investments, bigwigs like Blackstone Group, Brookfield Asset Management, and Ascendas-Singbridge Group were also in the race to acquire SP Infocity. GIC-K Raheja Corp alliance reportedly was the entity that was in in the final lap along with Mapletree Investments.

Mapletree Investment is a real estate development, investment, capital and property management company headquartered in Singapore. Its first property in India, Global Technology Park, is spread over 13 acres on Sarjapur Outer Ring Road in Bengaluru.

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