SPREF II Pte. Ltd., a joint venture between Allianz Group and Shapoorji Pallonji Group, on Wednesday said it has acquired a 2.4 million sqft special economic zone (SEZ) property Waverock in Hyderabad from TSI Business Parks (Hyderabad) Ltd for $250 million.
Located at Gachibowli financial district –Information Technology hub in Hyderabad, the IT SEZ comprises four office towers with some large multinational companies such as Apple, Tata Consultancy Ltd, Accenture and DBS among others.
“This is one of the marquee commercial developments in India and is a terrific addition to Allianz’s office portfolio in 24/7 global cities. Our first investment in SPREF II, SP Infocity Pune, is outperforming its business plan. Office investments in India continue to offer attractive risk-adjusted returns,” said Rushabh Desai, chief executive officer (CEO) -the Asia Pacific, Allianz Real Estate in a statement.
SPREF II’s strategy is to leverage structural trends in six tier-one cities to build a long-term, cash flow producing office portfolio by acquiring a blend of develop-to-core, forward purchases, and stabilized or stabilizing assets, the Singapore-domiciled fund said in the statement. The six cities the fund would target are Mumbai, Bangalore, Hyderabad, Pune, Chennai and National Capital Region, it added.
“The acquisition of WaveRock represents the confidence of global institutional investors in the Indian commercial real estate growth story. This investment is in line with our vision of creating a sustainable commercial real estate portfolio across key metros in India,” said Rajesh Agarwal, chief executive officer Shapoorji Pallonji Investment Advisors.