Mapletree a Singapore-based Investments firm is planning to walk out from the Global Tech Park deal for approximately Rs. 2,500 crore. This is said to be one of the biggest commercial private equity exits in India and the biggest in Bengaluru city, the sources said.
The sources also informed that the company’s investment in this project is more than triple figures in eight years.
Mapletree, is a wholly-owned subsidiary of Temasek Holdings, acquired 100% in the property that was known as the Assetz Global Technology Park in 2011 and this deal was signed for Rs. 800 crore. The Global Tech Park is “an integrated mixed-use development with a developable area of 15 acres the sources said. The park has offices of companies like Vodafone and LinkedIn.
The sources said that the company has already begun the process of divesting the property and the request for proposal has already been floated. This was Mapletree’s maiden investment in India.
Mapletree made investment via the Mapletree India China Fund that had raised $1.2 billion in August 2008. This dual-country fund was mainly invested in commercial, residential and mixed-use property projects in tier I and II cities.
The momentum is going on positively for the investors in the Indian real estate specifically in the commercial sector. According to the report of a real estate firm, the private equity investment in the sector is approximately $1 billion around January-March.