Mapletree Investments Pte Ltd, a real estate development, investment and capital management company headquartered in Singapore, has emerged as the highest bidder in the race to acquire IT park SP Infocity in Chennai, in what would be the largest-ever single realty asset transaction in India. Mapletree Investment has outpaced the GIC-K Raheja Corp alliance that was the other significant entity in the final lap.
Mapletree has offered about Rs 2,450 cr for SP Infocity that is jointly owned by the Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Investment Advisors.
Large scale transactions in the real estate world that have so far been concluded in India like the DLF-GIC deal worth $1.9 billion and the $1billion Hiranandani-Brookfield deal involved a portfolio of assets, while this transaction would be for a single asset.
Blackstone Group, Brookfield Asset Management, Xander Group and Ascendas-Singbridge Group had also shown interest in acquiring this asset. JLL India acted as the transaction advisor to Mapletree Investment for this deal.
SP Infocity has 2.7 mln sqft of leasable space and is over 99% occupied with key tenants including Amazon India, World Bank, HSBC and BNP Paribas.