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Mon. Jul 22nd, 2024

Spore’s Xander, GIC buy Hyderabad’s Waverock from SP for Rs 2.2k crore | Hyderabad News

By Vaseline May30,2024
Spore’s Xander, GIC buy Hyderabad’s Waverock from SP for Rs 2.2k crore |  Hyderabad News

HYDERABAD: City’s iconic Waverock IT SEZ, which houses tech giant Apple, has been gobbled up by Singapore-based Xander Group in partnership with Govt of Singapore Investment Corporation (GIC) for around Rs 2,200 crore.

Xander Investment, the private equity real estate arm of Xander Group, has acquired 100% in TSI Business Parks (Hyderabad), which operates Waverock, from Shapoorji Pallonji Real Estate Fund – a joint venture between Allianz Real Estate and Shapoorji Pallonji Group. Waverock is a 2.4 million sq ft IT SEZ in the IT hub of Gachibowli in Hyderabad, which is among the top three IT assets in the country.

“This is one of the most traded assets among institutions in the country. It is trading for the third time, which is unheard of for an SEZ. Being traded for the third time is a big thing,” said Shobhit Agarwal, Managing Director and CEO, Anarock Capital. “The fact that GIC is buying it back is a great recognition of the build quality of the property which is over 10 years old, as well as its good location and tenants. It was built way ahead of its time and is still trading at the top price. ,” Agarwal added.

Shapoorji Pallonji Investment Advisors CEO Rajesh Agarwal said the transaction underlines the inherent attractiveness of the Indian real estate market.

Waverock set up for ₹650 cr in 2 phases
The project, designed by New York-based architectural firm Pei Cobb Freed & Partners, was conceived in two phases (2010 and 2014) at a cost of around ₹650 crore by Tishman Speyer India, a joint venture between New York-based real estate firm Tishman Speyer Properties . and ICICI Venture.

In 2015, GIC acquired a 50% stake in the project for approximately ₹1,000 crore and in 2019, SPREF II acquired the entire project from GIC and Tishman Speyer for approximately ₹1,800 crore.

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