Mapletree may buy Chennai’s SP Infocity for up to Rs2,400 crore
Singapore-based real estate asset manager Mapletree Investment Pte. Ltd is close to buying Chennai-based information technology park SP Infocity, jointly owned by Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Investment Advisors, for around ₹2,300-2,400 crore, according to two people aware of the matter.
Another Singapore-based sovereign fund, GIC Pvt. Ltd, which was bidding along with Mumbai-based real estate firm K. Raheja Corp for the property, is out of the fray, said the first of the two people cited above. GIC and Mapletree were the final contenders for the transaction.
Once concluded, this would be one of the largest office deals in the country in 2018 after the acquisition of Essar Group’s Equinox Business park in Mumbai by Canada’s Brookfield Asset Management Inc. for ₹2,400 crore earlier this year.
The SP Infocity deal is likely to be closed in the next couple of weeks, the people mentioned above said. Term sheets have already been signed and Mapletree has entered into exclusive talks with owners of the property, the person said.