Mapletree Investments is exploring a potential REIT listing of four office parks in India. The proposed trust could raise up to $600 million at a valuation of around $2.5 billion. A Mumbai listing is being considered for mid-to-late 2027 as office demand and investor interest remain strong.
Mapletree Investments is evaluating a plan to place four Indian office parks into a real estate investment trust (REIT), according to people familiar with the matter. The Singapore-based investment company, backed by Temasek Holdings, has reportedly held preliminary discussions with banks about the potential transaction.
The proposed portfolio spans Mumbai, Chennai, Pune and Bengaluru, four of India’s major office markets. Mapletree and the Canadian pension fund Caisse de dépôt et placement du Québec each hold a 40% stake in the properties, while Temasek acquired a 20% stake in the assets in 2025.
The discussions are still in their early stages, and the final structure of the proposed trust has not been decided.
Proposed Trust Could Raise $600 Million.
According to one source, the new REIT could raise up to $600 million through a share sale at an estimated valuation of $2.5 billion.
A mid-to-late 2027 listing in Mumbai is under consideration, although the timing and transaction details may change as discussions progress. Mapletree, Temasek and La Caisse declined to comment on the reported plans.
If completed, the transaction would add another sizeable office portfolio to India’s listed REIT market. It would also give investors an additional route to gain exposure to income-generating commercial properties across some of the country’s largest office hubs.
Office Demand Supports Investor Interest
The potential listing comes as demand for office space remains strong across India. Global and domestic companies continue to expand their operations, with global capability centres (GCCs), technology firms and other large occupiers supporting leasing activity.
Recent market data has also pointed to lower office vacancies across major cities. This has helped maintain investor interest in commercial real estate despite concerns that artificial intelligence could eventually affect the amount of office space companies require.
India’s listed REIT market has also continued to attract capital. Bagmane Prime Office REIT raised $360 million through an Indian listing in May, highlighting the ability of large office portfolios to access public-market funding.
REIT Market Continues to Expand
For property owners, a REIT structure can unlock capital from stabilised, income-generating office assets while retaining exposure to the underlying portfolio. For investors, REITs offer access to commercial real estate through a listed investment structure.
Mapletree’s reported proposal would come at a time when India’s office sector is being supported by expanding multinational operations and growing demand for high-quality workplaces. The four-city portfolio could therefore provide exposure to established office markets while adding another major international real estate group to India’s expanding REIT ecosystem.
However, the proposal remains preliminary. Any listing would depend on the final portfolio structure, valuation, regulatory approvals and market conditions closer to the proposed 2027 window.
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