Mapletree purchases Tech Park Bangalore

Mapletree India China, a wholly owned subsidiary of Temasek Company of Singapore, has acquired 100% stake in a Bangalore technology park for Rs 800 crore. It is the largest private equity deals in the sector of real estate in the city in three years.

International Fund, which goes to the real estate company, brand purchase the promoters of Assetz Global Technology Park, at least three people with direct knowledge the deal told ET.

project is a joint venture between development and marketing company Assetz Property Group and Delhi-based investor Mithilesh Tripathy. "The promoters are not the funds for the project. Agreement was closed in 4000 per square meter which, though high, is less than expected," said an investment banker who declined to be named the.

Multiple banking sources familiar with the development said the company is in conversation with funds such as Mapletree and GIC to liquidate the plot since the last year and Mapletree emerged as the front-runner to buy the property. Assetz Global Technology Park confirmed the development but refused to name the fund house. "Due diligence is going on at work yet signed," said a senior executive at AGTP. Tripathy not reach for comment.

Global Tech Park, Bangalore on the Outer Ring Road, is an integrated mixed-use development, with a usable area of ​​15 lakh hectares, or 2.5 million sq ft in October 2011, 5 lakh sq. ft. development area within the business park was operational, leased to LSI Logic, infotech company.

"Park is tailored to meet the needs of IT occupiers in Bangalore and is expected to be fully operational by 2011, but is on hold, "said another person with direct knowledge of the deal. So far, the company has developed 3 million square feet of commercial space and nearly 30 million square feet in the building, slated for completion in three to five years. Although many builders in other major cities in India are finding it difficult to raise funds for their projects, Bangalore has attracted great deals pe.

priported largest estate in real estate, housing and construction sector, an increase of 30% on the total value of PE deals compared to the April-June quarter and 34% reduction compared to the same period last year, the report says Ernst & Young.

during the July-September quarter this year, the PE deals worth $ 324 million retotal absorption of 7 million square meters in Q3 of CY2011, an increase 20% compared to last year, with corporate customers looking for consolidation and expansion plans, cited a report from CB Richard Ellis, a market research firm.

"There is a great demand for commercial property in Bangalore, but the challenge is unavailability of ready-to-occupy space. Absorption is expected to exceed 10 million square feet by the end of 2011, "said Ram Chandani, deputy MD, Southern India, CBRE.

third quarter saw strong leasing activity Apr lease of 400,416 square feet at Prestige Shantiniketan. Airbus is 120,000 sq ft in xylem, Broadcom leased 260,000 sq ft in RMZ Ecospace and NetApp took 112,029 sq ft in Embassy Golf.

Assetz is a service development company with a focus on complex, mixed-use, investment grade projects. Assetz following structured approach to developing and delivering real estate projects -. From land identification and inception design, construction, financing, marketing, final work for the management of assets of continuing
Mapletree India China Fund dualcountry total return fund, which aims to take advantage of secular growth in both countries. Funding goes to commercial, residential and mixed development in tier-I and tier-II. On 31 December 2010, Mapletree Group owns and manages more than $ 14.4 billion of office, logistics Services, industrial, residential and retail / lifestyle properties, with $ 7.1 billion of real estate ownership.