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Singapore-based real estate giant Mapletree is making a foray into India’s fast-growing data centre sector with a major investment in Mumbai. Sources say the company plans to invest between $500 million and $700 million in its maiden project, which will have a total capacity of around 400 MW.
The company is also exploring other cities such as Hyderabad, Pune, and Bengaluru for similar data centre projects. “After establishing a strong presence in office properties and logistics parks, this is a natural extension for Mapletree,” said a source familiar with the matter.
Mapletree already owns several data centres in Singapore through its real estate investment trust (REIT). In India, the firm has about $2 billion in assets under management across office and logistics properties. With its ongoing projects in Pune and Mumbai nearing completion, Mapletree’s portfolio in the country is expected to reach 21.5 million sq.ft, according to Quek Kwang Meng, regional CEO, India, Mapletree, in a recent interview with Private Equity Real Estate.
In 2023, Mapletree partnered with Ivanhoé Cambridge, the real estate arm of Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), to set up a platform investing over Rs. 15,000 crore in technology-focused workplaces across India. Last year, the company also acquired a 41-acre land parcel in Bengaluru for Rs. 1,900 crore.
India’s data centre sector is seeing rapid growth, with third-party capacity expected to double to 2,400-2,500 MW by FY28, up from 1,250 MW in FY25, driven by an estimated investment of Rs. 90,000 crore, according to rating agency ICRA.
