Singapore based property developer and investor Mapletree is looking into foray into development of data centres in the country, sources in the know said. Mapletree is looking to invest $500-700 million in its maiden data centre project in Mumbai which will have a capacity of around 400 MW, source said .
Anchor investment and strategic rationale
It is also exploring cities such as Hyderabad, Pune, Bengaluru among other for similar centres, sources said. “It is a natural extension for them after office properties and logistics parks ,” sources said
When contacted, Mapletree declined to comment on the matter.
Mapletree owns many data centres in Singapore through its real estate investment trust (REIT).
Mapletree has $ 2 billion of assets under management across office, logistics properties in India. Upon competition of its under-construction properties in Pune and Mumbai , its portfolio is expected to touch 21.5 million sq ft ,Quek Kwang Meng, regional CEO, India , Mapletree said in a recent interview to Private Equity Real Estate.
In 2023, Mapletree tied up with Ivanhoe Cambridge, the real estate subsidiary of Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) to set up a platform that will invest over Rs 15,000 crore in technology sector-focused workplaces in the country. Last year, Mapletree acquired a 41-acre land parcel in Bengaluru for Rs 1900 crore.
India’s booming data centre market driving expansion
Third party data centre capacity in the country is expected to double to 2,400-2,500 MW by FY28 , up from 1,250 MW in FY25. This growth will be driven by investment of Rs 90,000 crore, rating agency Icra said.