Singapore-based real estate asset manager Mapletree Investment Pte. Ltd has received bids of ₹2,300-2,400 crore for its Global Technology Park in Bengaluru from Embassy Office Parks, UK-based Actis Llp, and Singapore’s GIC Pte. Ltd, among others, three people familiar with the transaction said, reflecting significant global interest in rent-yielding office assets in India.
The bids, submitted in two rounds, are being shortlisted, the people mentioned above said on condition of anonymity.
Mapletree started its second innings in India last year, acquiring Chennai-based information technology park SP Infocity for ₹2,400 crore. Its only previous investment was made in 2011, when it bought Assetz Global Technology Park, now known as Global Technology Park, for ₹800 crore from the Mapletree India China Fund.
“...The fund life is coming to an end and with this transaction, Mapletree will exit the investment in India. The investments in assets in China have already been divested. The Global Technology Park transaction is on in full steam and the deal should close soon," said one of the three people mentioned above. Embassy Office Parks, which owns India’s first listed real estate investment trust (REIT) and is a joint venture between Blackstone Group Lp and Embassy Group, has offered ₹2,300 crore to buy the park, another of the persons mentioned above said.
Embassy Office Parks launched its REIT earlier this year and had said that it aims to expand its 33 million sq. ft portfolio by buying out commercial assets across property markets.
Actis, which bought out Standard Chartered Bank’s principal finance real estate business in Asia last year, has Tata Realty and Infrastructure Ltd as a partner and aims to buy commercial assets as well, the third person said. Singapore’s GIC, which bought a stake in DLF Ltd’s rental arm for ₹8,900 crore in 2017, has been an active investor in Indian real estate and owns a large portfolio across asset classes.
Spokespersons of Mapletree, Actis, and GIC didn’t respond to queries.
An Embassy Office Parks spokesperson refused to comment.
India’s commercial real estate sector has had a blockbuster year in 2019, even as the residential sector witnesses a slowdown. In September, Blackstone bought Bengaluru’s Global Village Technology Park from Coffee Day Enterprises Ltd for ₹2,700 crore. Blackstone has invested heavily in buying office assets across cities this year, ramping up its investments to a total of $6 billion, surpassing its private equity funding at $6 billion.