Mapletree buys Chennai IT office hub

19/12/2018

Real estate developer and investor Mapletree Investments has acquired the securities of Faery Estates from SPREP, which owns a Grade AIT office development SP Infocity in Chennai.

image( The rebranding of SP Infocity to Global Infocity Park Chennai better reflects the global nature of Mapletree's tenant base, said Quek Kwang Meng, Mapletree's regional CEO.)


Upon the acquisition, Singapore-based Mapletree renamed SP Infocity - a 2.7-million square foot development - to Global Infocity Park Chennai, and also unveiled a new property logo. This transaction - reportedly for about 2,400 crore rupees (S$464.7 million) is the largest acquisition made by Mapletree in India to date.

Mapletree's group chief executive officer Hiew Yoon Khong said this acquisition will strengthen the company's presence in India and further diversify its investment property portfolio across Asia. "We are glad to have seized the opportunity to add this quality, income-yielding property to deliver strong earnings and returns," he said.

Global Infocity, which has a current occupancy of about 99%, is located along Old Mahabalipuram Road before the toll plaza, which has evolved to become one of India's prime IT corridors. The property has close proximity to the city centre, established transport nodes and social infrastructure.

Commenting on the acquisition, Quek Kwang Meng, Mapletree's regional CEO (India), said: "With a Weighted Average Lease Expiry 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."

Mapletree acquired its first asset in India, the 5.3-hectare Global Technology Park in Bangalore, back in October 2011. The IT park spans five office towers and was completed in October 2017.

 

"Adapted from The Straits Times, 19 Dec 2018."

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