Temasek, Ivanhoe Cambridge Entities Acquire Stakes in Indian Real Estate Assets

New Delhi, 8 October 2025: The Competition Commission has approved a multi-level investment deal between Temasek Holdings and Ivanhoe Cambridge of Singapore. This represents another significant cross-border capital investment in the Indian real estate sector.

Under the approved combination, Jongsong Investments Pte. Ltd., which is an indirect wholly owned subsidiary of Temasek Holdings, will acquire 20% equity in a set of target companies Adamas Asset Holdings Pte. Ltd. (AHPL), RGIP Holdings Pte. Ltd. (RHPL), Vikhroli Holdings Pte. Ltd. (VHPL), and Airoli Holdings Pte. Ltd. (AIHPL) collectively referred to as Proposed Transaction 1 Targets.

In addition, Jongsong will acquire 20% of Bangalore Asset 2 Pte. Ltd. and Bangalore Asset 3 Pte. Ltd., while Ivanhoe Cambridge Singapore Investments II Pte. Ltd. (IC Singapore) will hold 40% of the equity in these two Bangalore-based entities.

Temasek Holdings (Private) Limited, an investment company based in Singapore, maintains a diverse portfolio of assets that are managed globally across various sectors.

Ivanhoe Cambridge Inc., a subsidiary of La Caisse, is one of the largest institutional investors in real estate worldwide, with a focus on sustainable and high-quality developments.

The entities involved in the transaction—AHPL, RHPL, VHPL, AIHPL, Bangalore Asset 2, and Bangalore Asset 3—exist as investment vehicles for real estate holdings and development in India.

Transaction Overview

Jongsong Investments has taken a 20% controlling stake in AHPL, RHPL, VHPL, AIHPL, and Bangalore Asset 2 and 3 Pte Ltd. Also, IC Singapore has a 40% interest in the latter. The Singapore-based entities will be involved in investing in and managing Indian real estate through structured holding vehicles, as the business specializes in large-scale development and commercial property.

Strategic Significance

Temasek Holdings, headquartered in Singapore, has a diversified portfolio spanning various global markets, including financial services, transportation, consumer goods, real estate, technology, and life sciences. Moreover, Temasek has already declared that it has increased its investment in the developing real estate and infrastructure business in India through the use of Jongsong Investments.

Ivanhoe Cambridge, a real estate arm of Canada’s Caisse de dépôt et placement du Québec (La Caisse), invests globally in commercial and residential projects. The latest investment through IC Singapore reinforces its commitment to long-term urban development opportunities in India’s major cities.

Industry Context

The deal reflects sustained international confidence in India’s real estate sector, driven by rapid urban expansion and institutional participation in large-scale mixed-use and commercial projects. It also highlights the growing role of sovereign and pension-backed funds in shaping India’s property market trajectory.

REF: https://www.cci.gov.in/images/pressrelease/en/press-release1759843296.pdf

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