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Singapore Sovereign Wealth Fund GIC has acquired an Information Technology-Special Economic Zone (IT-SEZ) spread over 1.1 million square feet Hyderabadfrom Gachibowli locality of Phoenix Group for ₹1,050 crore, said persons with direct knowledge of the development.
all development, Phoenix AquilaThe two towers are spread over 1.8 million square feet, and the first tower with 700,000 square feet has already been completed and leased out. Both towers are separate and independent parks, located next to Amazon’s operational campus.
In 2021, GIC Entered into a forward purchase agreement to purchase a second block with 1.1 million sq ft of space which was then under construction and is now complete. In 2020, in one of the most significant leasing transactions in the country, this entire IT park was pre-leased to American IT major Micron Technologies.
,GIC A part of the consideration amount was paid upfront, and the balance amount has now been paid with the handover of the project,” said one of the persons cited above.
ET’s email query GIC remained unanswered till press time, while Phoenix Group And transaction advisor CBRE South Asia declined to comment on this story.
Last week, ET reported that the joint property of GIC Allianz and Shapoorji Palanji Group entity has emerged as the frontrunner to acquire IT special economic zone WaveRock, spread over nearly 2.5 million sq ft in India. Hyderabad For approximately ₹2,000 crore. The property is also in close proximity to Phoenix Group’s IT SEZ.
According to a report by Colliers India, there has been an increase in foreign investment in India in the last few years due to major structural, policy reforms leading to transparency and ease of business operations.
Global and domestic funds like black Stone, brookfield, cppib, Kotak and Motilal Oswal have been active in investing across asset classes. These companies are looking for and acquiring prime properties in the Indian office segment, while other asset classes such as residential, industrial storage and data centers have also shown promise to investors.
Institutional investment in real estate remained upbeat in the March quarter as well.
Indian real estate market receives robust institutional investments totaling $1.7 billion during Q1 2023, with office sector leading the way and providing a positive outlook for the year ahead, investment inflows into office sector up 41% year-on-year gone up. First $0.9 billion, led by select large deals.
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