Report: Canada Pension Close to Buying Indian I.T. Park

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The Canada Pension Plan Investment Board (CPPIB) is on the verge of buying an Indian “I.T. park” for nearly $242 million, according to a report from the Economic Times.

An “I.T. park” is a group of buildings that house technology-related firms; the tenants of this particular park include Amazon and HSBC.

More from the Economic Times:

The IT park, located on the Old Mahabalipuram Road, has close to 1.9 million sq ft of operational space, which is leased to firms such as HSBC, Amazon and Hapag Lloyd. Another 8.3 lakh sq ft of office space is under development. An e-mail questionnaire to Shapoorji Pallonji did not elicit any response. Tariq Vaidya, director at New Vernon, declined comment.

A spokesperson for Canada Pension Plan Investment Board (CPPIB) said the company does not comment on speculation regarding its investments.

[…]

“The companies are working on share swap as the property will be bought by the commercial platform of Shapoorji and CPPIB. New Vernon and Shapoorji will both exit the investment in the Chennai property,” said the [source]. The property will be bought at a capitalisation rate of about 9.2%.

CPPIB manages approximately $200 billion in assets and, as Pension360 has covered, has shown an interest in making direct investments in India.

 

Photo by sandeepachetan.com travel photography via Flickr CC License

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