Ivanhoé Cambridge and Mapletree have teamed up to invest over C$2.5bn (€1.7bn) in technology-sector-focused workplaces in India.
The pair said their newly launched investment partnership, which intends to develop, own and operate the assets, has already identified properties and projects.
The platform will focus on both stabilised, and development of “high-quality class-A workplace assets in key economic hubs in India”.
Mapletree – the property investment arm of Singapore’s Temasek – will be in charge of development, project management, leasing and operations.
The partnership allows both the Canadian investor and Mapletree to “strengthen their exposure to India’s knowledge, technology and innovation workplace sector, which is supported by long-term fundamentals and a high-quality talent pool”, the companies said.
George Agethen, co-head of Asia-Pacific, Ivanhoé Cambridge, said: “We are particularly pleased to find such great alignment with Mapletree for India, on our values, ESG ambitions and their 15-year experience in India.
“This partnership continues our growth plans for the APAC region, bringing diversification to our portfolio and resilience to our returns.”
Quek Kwang Meng, regional CEO, India, at Mapletree, said: “There is a considerable synergy in this strategic partnership as it pools together leading expertise across the real estate value chain from two globally recognised firms.
“It will allow us to strengthen our presence in India, and expand our portfolio in the commercial sector efficiently, which we believe has good growth potential in the coming years.”
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