February 10, 2023

Ivanhoé Cambridge and Mapletree Launch India Real Estate Investment Platform dedicated to technology sector focused workplaces

Singapore, February 10th, 2023 – Ivanhoé Cambridge, a global real estate firm, and Mapletree, a leading global real estate development, investment capital and property management company committed to sustainability announced a strategic partnership to launch a new investment platform to develop, own and operate technology-sector-focused workplaces in India with an investment capacity of over CAD 2.5 billion (~SGD 2.5 billion1). Properties and projects have already been identified to meet these ambitions.

Mapletree, with a strong global track record in developing and managing high-quality Class A assets will lead all real estate development, project management, leasing, and operations. Ivanhoé Cambridge will bring its global expertise and experience as an institutional investor in sectors and assets that are shaping the urban fabric in a sustainable manner in the most dynamic cities, globally.

The investment strategy for the venture will focus on both stabilised, and development of high-quality Class A workplace assets in key economic hubs in India, which are benefiting from the exponential growth in technology led innovation activities anchored by global capability centres, as well as large domestic and international technology services corporations. The portfolio will meet industry benchmarks on sustainability credentials, aligning with Ivanhoe Cambridge’s and Mapletree’s commitments to achieve net zero operational carbon by 2040 and 2050, respectively. It is also targeting ambitious green accreditations, such as WELL certification.

Speaking on the new venture, George Agethen, Co-Head Asia-Pacific, Ivanhoé Cambridge, said: “We are particularly pleased to find such great alignment with Mapletree for India, on our values, ESG ambitions and their 15-year experience in India. This partnership continues our growth plans for the APAC region, bringing diversification to our portfolio and resilience to our returns.”

Mr Quek Kwang Meng, Regional Chief Executive Officer, India, Mapletree, said: “There is a considerable synergy in this strategic partnership as it pools together leading expertise across the real estate value chain from two globally recognised firms. It will allow us to strengthen our presence in India, and expand our portfolio in the commercial sector efficiently, which we believe has good growth potential in the coming years.”

This partnership allows both Ivanhoé Cambridge and Mapletree to strengthen their exposure to India’s knowledge, technology and innovation workplace sector, which is supported by long-term fundamentals and a high-quality talent pool.

1 CAD 1=SGD 0.98 as at 20 January 2023

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