Canada Pension Buys Indian IT Park for $220 Million; Will Be Landlord for Amazon, HSBC

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Amazon, HSBC, Ford and Citibank’s India offices just got a new landlord: The Canada Pension Plan Investment Board (CPPIB), which agreed this week to buy a 2.7 million square ft. “IT Park”.

More from the India Times:

Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Group’s joint venture company SPREP has acquired SP Infocity IT Park in Chennai for $220 million.

[…]

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.”

“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.

In 2013, CPPIB and Shapoorji Pallonji had entered into a strategic alliance to acquire foreign direct investment (FDI)-compliant, stabilised office buildings in the major cities of India. CPPIB owns 80% of the venture with an initial equity commitment of $200 million and the venture is supported locally by Shapoorji Pallonji Investment Advisors.

The deal has been in the works since April or earlier. CPPIB has invested nearly $1.5 billion in India since 2010.

 

Photo by sandeepachetan.com travel photography via Flickr CC License

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