Mapletree buys land for Rs 5.25 bn in Mumbai

Mapletree investments of Singapore bought land for Rs 5.25 billion in the Vikhroli area of Mumbai. This can be earmarked as one of the biggest land deals in the country this year. Mapletree purchased the land from Kanakia Group. Kanakia Group, in turn, had bought the land from India Tube Mills and Metals (ITM) for Rs 3.63 billion in 2018. The land prices in Vikhroli hover between Rs 500-550 million, therefore the price paid by Mapletree was fair. Reportedly Mapletree is planning to build a commercial project on the plot and the area would have around 2.2 million sq ft of leasable land. Mapletree has made such real estate purchases in the past as well. In 2018 it bought SP Infocity in Chennai from Canada pension plan investment board and Shapoorji Pallonji’s private equity arm for Rs 24 billion. In 2019 it bought an 8-acre land parcel for Rs 1.7 billion in Pune from Vascon Engineers with the aim of developing a world-class office with an estimated project cost of Rs 10 billion.In 2020 it made the first logistics space acquisition in India’s by acquiring a part of a 1.2 million sq ft industrial warehouse in Chakan, near Pune, for around $45-50 million. This was the first large real estate deal signed by the real estate asset manager after the lockdown imposed due to coronavirus.Mapletree, headquartered in Singapore, is a leading real estate development, investment, capital and property management company. As of 31 March 2020, Mapletree owned and managed $60.5 billion of office, retail, logistics, industrial, data centre, residential and lodging properties. Mapletree currently manages four Singapore-listed real estate investment trusts (REITs) and five private equity real estate funds The Mapletree India China Fund was launched to leverage the opportunities that come with the growth of one of the world’s most populous nations. The first investment made in India was on a 13-acre Global Technology Park in Bangalore.