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SPREP Pte Ltd., a company formed as a part of the strategic alliance in 2013 between Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Group, today announced its first acquisition.
SPREP Pte Ltd. has entered into definitive agreements to acquire 100% of the securities of Faery Estates Private Limited, an Indian company which owns, operates and maintains SP Infocity IT Park in Chennai, India. The property has been valued at approximately US$220 million.
“SP Infocity IT Park is a high-quality property and is an excellent first acquisition for SPREP,” said Andrea Orlandi, Managing Director, Real Estate Investments, CPPIB. “Through this investment by SPREP, CPPIB continues to demonstrate our long-term commitment to the Indian real estate market. The IT Park, located on the Old Mahabalipuram Road, has close to 2.7 million square feet of operational space, which is leased to firms such as HSBC, Amazon, Ford, Siemens, Citibank, AT&T and Hapag Lloyd.”
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