Singaporean real estate asset manager Mapletree Investment Pte. Ltd, a unit of financial services to telecommunications company Temasek Holdings, is close to buying India-based information technology park SP Infocity for around 2,300 crore rupees to 2,400 crore rupees ($313.4 to $327 million).
SP Infocity is jointly owned by investment management company Canada Pension Plan Investment Board and Indian real estate investment advisory services company Shapoorji Pallonji Investment Advisors.
Located in Chennai’s Old Mahabalipuram road, the property spans 2.7 million square feet of leasable space and over 99 percent of it is occupied.
The SP Infocity deal is likely to be closed in the next couple of weeks. Term sheets have already been signed and Mapletree has entered into exclusive talks with owners of the property.