SINGAPORE – Further expanding its presence in India, Mapletree Investments Pte Ltd (“Mapletree” or “the Group”) has acquired the securities of Faery Estates Private Limited from SPREP Pte. Ltd., which owns a Grade A IT office development SP Infocity in Chennai, India.

Upon acquisition, the Group renamed SP Infocity to Global Infocity Park Chennai (“Global Infocity”) and unveiled a new property logo. This transaction is the largest acquisition made by Mapletree in India to date.

Mr Hiew Yoon Khong, Mapletree’s Group Chief Executive Officer, said: “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. 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.”

In addition, Global Infocity is located along OMR before the toll plaza, which has evolved to become one of India’s prime IT corridors. The property enjoys close proximity to the city centre, established transport nodes and social infrastructure.

Commenting on the acquisition, Mr Quek Kwang Meng, Mapletree’s Regional Chief Executive Officer, India, said: “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.”

Mapletree acquired its first asset in India, Global Technology Park (“GTP”), a 5.3 hectare IT park in Bangalore in October 2011. Spanning five office towers, and developed across two phases, GTP was completed in October 2017.

Photographs of Global Infocity (high-res versions available for download here)

Global Infocity’s new logo