SPREP Pte Ltd. acquires IT Park in India
SPREP Pte Ltd., a company formed by Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Group, has announced its first acquisition.
SPREP Pte Ltd. has agreed to acquire Faery Estates Private Limited, an Indian company which owns, operates and maintains SP Infocity IT Park in Chennai, India.
The property has been valued at approximately USD$220 million.
SPREP Pte Ltd. was set up in 2013 as part of a strategic alliance, with CPPIB owning 80% of the venture with an initial equity commitment of USD$200 million.
“SP Infocity IT Park is a high-quality property and is an excellent first acquisition for SPREP,” said Andrea Orlandi, Managing Director, Real Estate Investments, CPPIB. “Through this investment by SPREP, CPPIB continues to demonstrate our long-term commitment to the Indian real estate market. The IT Park, located on the Old Mahabalipuram Road, has close to 2.7 million square feet of operational space, which is leased to firms such as HSBC, Amazon, Ford, Siemens, Citibank, AT&T and Hapag Lloyd.”