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Report: Embassy Office, Actis, GIC vie for Mapletree's tech park in India

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Report: Embassy Office, Actis, GIC vie for Mapletree's tech park in India

Embassy Office Parks REIT, Actis LLP and Singapore's sovereign wealth fund GIC Pte. Ltd. are among the parties competing for Mapletree Investments Pte. Ltd.'s technology park in Bengaluru, India, Mint (New Delhi) reported Oct. 22, citing three people familiar with the transaction.

The bids for Global Technology Park, which amounts to between 23.00 billion Indian rupees and 24.00 billion rupees, are currently being shortlisted, the unnamed sources said. Global Technology Park has a gross floor area of 172,960 square meters and a net lettable area of 174,387 square meters. It is Mapletree Investments' first property in India and includes two completed grade-A office towers in its first phase, according to the development's website.

Spokespersons for Mapletree Investments, Actis and GIC did not respond to queries regarding the bidding process, while a spokesperson for the Blackstone Group Inc.-backed real estate investment trust refused to comment, according to the report.

As of Oct. 21, US$1 was equivalent to 70.89 Indian rupees.