Mapletree buys Chennai IT office hub for $457 mil

By EdgeProp | December 13, 2018 5:06 PM SGT
Singapore-based property management firm, Mapletree Investments, has purchased an IT office hub in Chennai for $457 million, the largest acquisition by the firm in India to date.
The property, renamed Global Infocity Park Chennai, is located along one of India’s prime IT corridors and is near the city centre. It is a Grade A IT office development offering almost 2.7 million sq ft of leasable space across three towers. The property has strong leasing interest, with current occupancy at 99%.
Originally called SP Infocity, the IT hub was jointly owned by the Canada Pension Plan Investment Board and Mumbai-based Shapoorji Pallonji Investment Advisors.
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Mapletree acquired its first asset in India, a 5.3-hectare IT park in Bangalore called Global Technology Park, in October 2011. The development, spanning five office towers, was completed in October 2017.