Canada Pension Plan Investment Board (CPPIB) has sold its interest in Faery Estates Private Ltd, the owner and operator of SP Infocity, a Chennai, India-based information technology park.
The net proceeds to CPPIB were about $250 million.
The sale was made by SPREP Pte Ltd, which acquired shares in Faery Estates in 2015. CPPIB was the vehicle’s majority investor.
The buyer of the stake was Mapletree Investments Pte Ltd, the real estate investment arm of Singapore sovereign wealth fund Temasek Holdings.
SPREP sells interest in Faery Estates Private Limited
December 10, 2018
TORONTO and MUMBAI, India, Dec. 10, 2018 (GLOBE NEWSWIRE) — SPREP Pte. Ltd. announced today that it has completed the sale of Faery Estates Private Limited (Faery Estates).
SPREP Pte. Ltd. (SPREP) was formed to acquire stabilized office buildings in November 2013. SPREP acquired shares of Faery Estates in June of 2015 with Canada Pension Plan Investment Board (CPPIB) being its majority investor. Faery Estates holds an IT park located in Chennai with a gross leasable area of 2.7 million square feet.
Faery Estates was sold to leading property company Mapletree Investments Pte. Ltd, headquartered in Singapore. Net proceeds to CPPIB from the sale were approximately C$250 million1.
Andrea Orlandi, Managing Director – Real Estate Investments, CPPIB said that “CPPIB is an active and long-term investor in India, with real estate investments across multiple sectors, as part of C$8 billion of capital invested in the country. CPPIB continues to explore new investments alongside current partners as well as new partnerships in the market. SPREP has divested its stake in Faery Estates in line with the original plan.”
Shapoorji Pallonji Investment Advisors acted as investment advisor to SPREP Pte. Ltd. on the transaction.
JLL, PwC and AZB & Partners also acted as advisors to SPREP on the transaction.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits in the best interests of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At Sept 30, 2018, the CPP Fund totalled C$368.3 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn, Facebook or Twitter.
About Shapoorji Pallonji Investment Advisors:
Shapoorji Pallonji Investment Advisors Private Limited (SPIA) was established as a synergistic expansion to Shapoorji Pallonji Group’s existing real estate development and contracting businesses. SPIA provides investors an opportunity to leverage a unique fully integrated real estate development and investment advisory platform in India. SPIA’s management team comprises senior professionals with fund advisory and development management experience who have successfully led and managed India investment platforms for international fund managers. SPIA’s unique investment strategies enable it to invest across asset classes to capitalize on attractive investment opportunities to generate enhanced risk adjusted returns for institutional investors. For more information about SPIA, please visit www.spinvestmentadvisors.com.
About Mapletree Investments
Mapletree is a leading real estate development, investment, capital and property management company headquartered in Singapore. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, the Group has established a track record of award-winning projects, and delivers consistent and high returns across real estate asset classes.
Mapletree currently manages four Singapore-listed real estate investment trusts (REITs) and six private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, the United Kingdom (UK) and the United States (US).
As at 31 March 2018, Mapletree owns and manages S$46.3 billion of office, retail, logistics, industrial, residential, corporate housing / serviced apartment, and student accommodation properties.
The Group’s assets are located across 12 economies globally, namely Singapore, Australia, China, Germany, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US and Vietnam. To support its global operations, Mapletree has established an extensive network of offices in these countries.
For more information, please visit www.mapletree.com.sg.
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