Mapletree: Mapletree to exit office project in Rs 2,500-cr deal


BENGALURU: Singapore-based Mapletree Investments Private Ltd is exiting an office project in a deal estimated at Rs 2,500 crore — one of the largest commercial private equity exits in India and the largest in the city, people familiar with the development said. Its investment in Global Tech Park, Bengaluru, more than tripled in eight years, they said.

Mapletree, a wholly-owned subsidiary of Temasek Holdings, had acquired 100% in the property earlier known as Assetz Global Technology Park in 2011 for Rs 800 crore. Global Tech Park is “an integrated mixed-use development which has developable area of 15 acres,” one source said. Large corporates operating from the property include Vodafone and LinkedIn.

“Mapletree has already initiated the process of divesting the property,” the person said. “The request for proposal has been floated too. This was the fund’s first investment in India.”


A detailed email sent to both Mapletree and CBRE, adviser to the deal, did not elicit response as of press time on Sunday. Mapletree had made the investment through the Mapletree India China Fund that had raised $1.2 billion in committed capital at final close in August 2008. The dual-country fund invested primarily in commercial, residential and mixed-use property projects in tier I and II cities.

Institutional investors’ appetite for Indian real estate, particularly the commercial segment, has maintained robust momentum for a year. Private equity investment in the sector has touched nearly $1 billion during January-March, showed Anarock Property Consultants data.

Source link

Articles You May Like

Goldman Sachs CEO Solomon calls working from home an ‘aberration’
Good Meat sells lab-grown cultured chicken in world-first
Covid relief bill may trigger cuts to Medicare, student loan programs
Retirees eager to travel should check their Medicare coverage
96 per cent people faced drop in earnings during lockdown: Survey

Leave a Reply

Your email address will not be published. Required fields are marked *