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file photoBangalore | MUMBAI: In the biggest potential commercial property exit this year, a joint venture Allianz Group And Shapoorji Palanji Group Unit looking to exit around 2.5 million sq ft IT SEZ property waverock In Hyderabad For around ₹2,000 crore, said multiple sources aware of the deal.
Assets include companies such as Apple, Accenture and TCS as tenants. The property has attracted interest from several institutional investors.
“There are other funds which had bid for the project but GIC has emerged as the front-runner,” said one of the individuals mentioned above.
In 2019, the Allianz-Shapoorji joint venture acquired the property from the former joint owners of Singapore’s Sovereign Wealth Fund GIC and New York-based developer tishman spire,
GIC acquired a 50 percent stake in tishman spire‘S waverock in 2015 at an enterprise valuation of ₹1,000 crore.
“The interest shown to acquire the asset indicates the confidence of global institutional investors in the Indian commercial real estate growth story. Income-generating commercial property has proved to be a major attraction for most global institutional investors who are active in India or are keen to invest here,” said Sanki Prasad, chairman, Colliers.
The IT SEZ being developed by Tishman Spire in two phases can accommodate 20,000 professionals, and is close to HyderabadFinancial District in Gachibowli. ET email inquiry GIC And Shapoorji Palanji Group remained unanswered till the publication of this report. Allianz declined to comment.
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