While expanding its presence in the Indian real estate sector and being the biggest bidder for SP Infocity Chennai, the Mapletree Investments acquired the securities of Faery Estates from SPREP that owns a 2.7-million-sq-ft IT office development space in the same city.
Hiew Yoon Khong, Mapletree’s Group chief executive officer said that company’s recent acquisition in India will empower our presence in the Indian realty market as the country is also one of the fastest growing economies of the world. This acquisition also branches out our investment property portfolio across the Asian continent.
In October, Mapletree emerged as the highest bidder for the SP Infocity Chennai and soon acquired it for worth Rs 2,400 crores.
Soon after the acquiring the IT park, the company renamed it to Global Infocity Park Chennai. Apart from being the biggest bidder, this transaction by Mapletree is the largest acquisition made by them in India till date.
Quek Kwang Meng, Mapletree’s regional chief executive officer, India said that the renaming of this acquired space will help to empower our tenant base that also includes financial institutions and consulting and technology firms. The company is excited about this stable asset that has a Weighted Average Lease Expiry (“WALE”) of approximately 5.7 years.
In October 2011, the company acquired the first property asset in India, which is Global Technology Park in Bengaluru that covers 5.3 hectare area. This park incorporates five office towers and is developed across two phases. The work of this project was completed in 2017.
At present, Mapletree manages four Singapore-listed real estate investment trusts (REITs) and six private equity real estate funds, that holds various portfolio of assets in the Asia Pacific, the United Kingdom (UK) and the United States (US).
At 31st March 2018, the company owns and manages S$46.3 billion of office, retail, logistics, industrial, residential, corporate housing / serviced apartment, and student accommodation properties.