Mapletree acquires, renames SP Infocity as Global Infocity Park Chennai
Further expanding its presence in India, Mapletree Investments has acquired the securities of Faery Estates from SPREP that owns a 2.7-million-sq-ft IT office development SP Infocity in Chennai, India.
“Our latest acquisition in India, one of the world’s fastest growing economies, will strengthen our presence in this market, and further diversifies our investment property portfolio across Asia,” said Hiew Yoon Khong, Mapletree’s Group chief executive officer.
On October 31, media had first reported that Mapletree has emerged as the highest bidder for the property and will soon acquire it for around Rs 2,400 crore.
Upon acquisition, the group has renamed SP Infocity to Global Infocity Park Chennai. This transaction is the largest acquisition made by Mapletree in India to date.
“With a Weighted Average Lease Expiry (“WALE”) of approximately 5.7 years, we are excited by the acquisition of this stable asset. The rebranding to Global Infocity Park Chennai better reflects the global nature of our tenant base, which includes financial institutions and consulting and technology firms,” Quek Kwang Meng, Mapletree’s regional chief executive officer, India.
Mapletree acquired its first asset in India, Global Technology Park, a 5.3 hectare IT park in Bangalore in October 2011. Spanning five office towers, and developed across two phases, GTP was completed in October 2017.
Currently, Mapletree manages four Singapore-listed real estate investment trusts (REITs) and six private equity real estate funds, which hold a diverse portfolio of assets in the Asia Pacific, the United Kingdom (UK) and the United States (US).
As at 31 March 2018, Mapletree owns and manages S$46.3 billion of office, retail, logistics, industrial, residential, corporate housing / serviced apartment, and student accommodation properties.