A joint venture (JV) between Shapoorji Pallonji Group and Allianz called SPREF II has sold Waverock, an infotech special economic zone (SEZ) in Hyderabad.
Though the two did not disclose the buyer and the price, according to sources, Singapore investors GIC and Xander have bought it together and the acquisition price is Rs 2,200 crore.
SPREF II had in 2019 acquired the same asset from GIC and Tishman Speyer for Rs 1,750 crore.
GIC has been talks with the SP-Allianz JV for the last one year to buy the property, the sources said.
Waverock is a grade A IT SEZ located in Gachibowli in Hyderabad with a gross leasable area of nearly 2.4 million square feet.
“The securities held by SPREF II in TSIBPH have been purchased by a joint venture of global institutional investors, marking one of the largest transactions in Indian real estate in FY24-25,” a release from SPREF II said.
Rajesh Agarwal, CEO, Shapoorji Pallonji Investment Advisors, said: “This transaction underlines the inherent attractiveness of the Indian real estate market. It also highlights our team’s vast experience to acquire good assets and enhance their value towards providing profitable exits to our institutional investor partners.”
SPIRE Investment Manager is the investment manager to SPREF II platform. Shapoorji Pallonji Investment Advisors is an investment adviser to SPIRE. Anarock, DSK Legal, PwC and JLL also acted as advisers to SPREF II on the transaction.