Mapletree Investments has bought the SP Infocity information technology park in India from Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Investment Advisors.
In 2013 CPPIB entered into a strategic alliance with Mumbai-based Shapoorji and provided an initial equity commitment of $200m (€175.7m) for an 80% stake in the new venture known as SPREP.
In 2015, SPREP bought Faery Estates Private, a company which owns, operates and maintains SP Infocity IT Park in Chennai.
SPREP said it has now sold Faery Estates to Singapore-headquartered property investor Mapletree, adding that the net proceeds to CPPIB from the sale were approximately C$250m (€164m).
Andrea Orlandi, the managing director of real estate investments at CPPIB, said: “CPPIB is an active and long-term investor in India, with real estate investments across multiple sectors, as part of C$8bn 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.”