CPPIB Indian Property Venture Acquires SP Infocity IT Park

Canada Pension Plan Investment Board (CPPIB) and Mumbai-based Shapoorji Pallonji Group, through their joint investment unit SPREP Pte Ltd. (CPPIB owns 80% of the unit), is making its first investment acquiring 100% of the securities of Faery Estates Private Limited. India-based Faery Estates owns, operates and manages SP Infocity IT Park in Chennai, India. The property is on Old Mahabalipuram Road and has nearly 2.7 million square feet of operational space. Some key tenants are Amazon, Ford, Siemens, HSBC, AT&T, Hapag Lloyd and Citibank. The property is managed by CBRE.

The property has been valued at approximately US$ 220 million. Canadian pensions are building relationships with local Indian real estate experts, sourcing out long-term property investments.

“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 in a press release.

In January 2015, U.S.-based New Vernon Capital bought out Shapoorji Pallonji’s 51% stake in SP Infocity. The deal gave New Vernon Capital 100% of the property post-transaction.

Contact the writer or creator of this article or page.
Questions or comments: support(at)swfinstitute(dot)org
Follow on Twitter at @swfinstitute and @sovereignfunds
Learn, Attend and Network: Institutional Investor Events and Summits
Go Back: HOME: Sovereign Wealth Fund Institute
institutional investor investment mandates