Tishman Speyer, a real estate development company and GIC, Singapore’s sovereign wealth fund, have sold the WaveRock office complex in Hyderabad, India to a joint venture between Allianz Real Estate and Shapoorji Pallonji Group for $250 million.
The office complex in Hyderabad, which totals 2.5 million square feet, is 100 percent leased to world-class global technology, industrial & services giants such as Apple, TCS, Accenture, DuPont, GAP, AVEVA and other prominent multinational companies.
The property is located near the high-growth Financial District employment corridor at Gachibowli, a Special Economic Zone being promoted by the TSIIC (Telangana State Industrial Infrastructure Corporation).
“This sale represents a very successful culmination of Tishman Speyer’s build to core strategy for the India property market. It demonstrates a first in terms of a foreign investor demonstrating its ability to acquire land, create a world class development in multiple cycles and creating an ecosystem for corporates very mindful of harnessing their human capital,” said Avnish Singh, Tishman Speyer Managing Director & Country Head – India.
“From the beginning, our goal was to create the region’s signature property that typified the incredible economic growth of the Hyderabad region. GIC, which has been one of the world’s most successful institutional property investors for many years, has been a great partner in bringing this development and eventual disposition to conclusion. We have a strong long-term view of India’s investment potential and look forward to ongoing activity,” he added.