Temasek-backed Mapletree evaluates India office Reit listing
It is said to have held talks with banks to put four of its office parks into a Reit
Published Wed, Sep 30, 2026 · 11:46 AM
[MUMBAI] Mapletree Investments is evaluating a plan to list part of its India office portfolio through a real estate investment trust (Reit) as it seeks to tap growing investor appetite for commercial properties, people familiar with the matter said.
The unit of Singapore state investor Temasek Holdings has held talks with banks to put four of its office parks into a Reit, according to the people, who asked not to be identified as the discussions are private.
Mapletree and Canadian pension fund Caisse de dépôt et placement du Québec own 40 per cent stakes in the buildings.
Temasek picked up a 20 per cent stake in 2025 in the properties across Mumbai, Chennai, Pune and Bengaluru.
The new trust could raise as much as S$600 million (US$469 million) by selling shares at a valuation of about S$2.5 billion, one of the people said.
Discussions are preliminary and investors are still drawing up the exact deal contours, but are targeting a mid-to-late-2027 listing in Mumbai, the people said.
Mapletree, Temasek and La Caisse declined to comment.
Demand for office space is surging across the country as global and local firms draw up expansion plans for their India strategy.
A September report from CBRE Group said that the bulk of office tenants plan to expand their India footprint over the next two years.
Despite concerns that artificial intelligence may reduce the need for office space, investor appetite for Reits has surged.
Bagmane Prime Office Reit raised US$360 million through an India listing in May.
Several banks such as Citigroup and HSBC are hunting for space in Mumbai to accommodate staff.
Vacancies across the top eight cities in India continue to edge lower, according to an August report by Cushman & Wakefield. BLOOMBERG
