Mapletree joins race to buy space in UB City in Bangalore

Mapletree Investments, the Singapore-based real estate development, investment and capital management company, has shown keen interest in acquiring part of UB City, the biggest commercial property project in Bangalore.

Mapletree wants to acquire 3.5 lakh square feet of UB City, which is located in the central business district of Bangalore, for around Rs 600 crore. Mapletree Investments has shown its interest at a time when UB Group Chairman Vijay Mallya has been in advanced discussions with another global private equity investor — Blackstone.

Mapletree Investments has around $15 billion worth of office, logistics, industrial, residential, retail and mixed-use properties across Asia and has one real estate asset in Bangalore as part of its portfolio in India. While the UB Group offered not to comment on the transaction with the private equity players, Mapletree said that while it does not comment on market talk, as a real estate developer and investor, Mapletree Investments will evaluate opportunities from time to time to grow its Asian portfolio, including India.

Vijay Mallya has been in discussions with quite a few private equity players from early last year in an effort to raise some resources and channel a part of that into Kingfisher Airlines, constantly demanded by the public sector banks which have an outstanding credit of Rs 7,500 crore towards the airline.