Spore Gender and GIC buy Hyderabad-based Waverock from SP for Rs 2.2 thousand crore

Hyderabad: The city’s iconic Waverock IT SEZ, which houses companies such as tech giant Apple, has been acquired by Singapore-based Xander Group in partnership with the Government Investment Corporation of Singapore (GIC) for about Rs 2,200 crore. Xander Investments, the private equity real estate arm of Xander Group, has acquired 100% stake in TSI Business Parks (Hyderabad) from Shapoorji Pallonji Real Estate Fund, which operates Waverock. Shapoorji Pallonji Real Estate Fund is a joint venture between Allianz Real Estate and Shapoorji Pallonji Group. Waverock is a 2.4 million sq ft Grade-A IT SEZ in the IT hub of Gachibowli in Hyderabad, listed among the top three IT properties in the country. “It is one of the most traded properties among institutions in the country. It has been traded for the third time, which is unheard of for any SEZ,” said Shobhit Agarwal, managing director and CEO of Anarock Capital.

The third transaction is a big deal. “The fact that GIC is buying it back is a big endorsement for the construction quality of this property which is over 10 years old and also has a good location and tenants,” Agarwal added. It was built ahead of its time and is still trading at top valuations.” Rajesh Agarwal, CEO of Shapoorji Pallonji Investment Advisors, said the transaction underlines the inherent attractiveness of the Indian real estate market. Designed by New York-based architectural firm Pei Cobb Freed & Partners, the project was set up by Tishman Speyer India, a joint venture between New York-based real estate firm Tishman Speyer Properties and ICICI Venture, in two phases – 2010 and 2014 – for about ₹650 crore. In 2015, GIC bought a 50% stake in the project for about ₹1,000 crore and in 2019 SPREF II acquired the entire project from GIC and Tishman Speyer for about ₹1,800 crore.