Ivanhoe Cambridge, the real estate subsidiary of Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), has tied up with global real estate development firm Mapletree to set up a platform that will invest over ₹15,000 crore in technology sector-focused workplaces in India.

“The deal between Ivanhoe Cambridge and Mapletree is one of the largest investment platforms in the Indian real estate office sector”

While Ivanhoe Cambridge will be bringing in its expertise and experience as an institutional investor across different sectors and assets, Mapletree will be offering its property management services and global track record of developing high-quality real estate assets.

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CDPQ’s subsidiary said that properties and projects had already been identified to meet the stated objectives of the platform.

The investment strategy will be to develop high-quality offices in the major cities of India that are not only economic hubs but also seeing rapid growth in technology-oriented activities and companies. The companies also committed to set up workplaces that are in sync with sustainability benchmarks.

Mapletree’s Regional Chief Executive Officer, India, Quek Kwang Meng said that the collaboration would strengthen its presence in India, and expand its portfolio in the commercial sector efficiently, “which we believe has good growth potential in the coming years.”

George Agethen, Co-Head Asia-Pacific at Ivanhoé Cambridge said it was part of the fund’s overall growth plans for the Asia-Pacific region and would help in diversifying its portfolio and provide resilience to its returns.

Investments in commercial real estate in India are being fuelled by multinational corporations setting up global capability centres, innovation labs, and research and development centres.

Though private equity investments in the Indian real estate sector declined 17 per cent to $5.1 billion in 2022 largely due to a slowdown in the US and uncertain macroeconomic conditions, there is still considerable interest in Indian real estate from global asset managers.

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In May 2022, Ivanhoe Cambridge and Bain Capital announced a tie-up with Indian real estate developer Macrotech Developers (Lodha) for an investment platform with a corpus of $1 billion.

Real estate companies such as Prestige Estates, Puravankara and Brigade Enterprises are in talks for similar investment platforms.

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