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Mapletree Investments has marked its largest acquisition in India with the purchase of Faery Estates Private Limited’s securities from SPREP, which owns Grade A IT office development SP Infocity in Chennai, India.
Upon acquisition, SP Infocity has been renamed by the group to Global Infocity Park Chennai.
“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 Mapletree’s Group CEO Hiew Yoon Khong.
“As a leading real estate developer, investor, and capital and property manager, we are glad to have seized the opportunity to add this quality, income-yielding property to deliver strong earnings and returns.”
Located on Old Mahabalipuram Road which is one of India’s biggest office precincts for IT tenants, the property features a lettable space of 2.7 million sq ft spread across three office towers.
In a statement, Mapletree revealed that it enjoys strong leasing interest with current occupancy at 99 percent.
“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,” said Quek Kwang Meng, Mapletree’s regional CEO for India.
In 2011, Mapletree acquired its first asset in India – the 5.3ha Global Technology Park (GTP) in Bangalore. Developed across two phases, GTP spans five office towers and was completed last year.
Photo: Mapletree Investments
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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