Waverock is a 2.4 million sq ft grade-A IT SEZ in the IT Hub of Gachibowli in Hyderabad that's listed among the top three IT assets in the country.
"This is one of the most traded assets between institutions in the country.
It is being traded for the third time, which is unheard of for an SEZ.
To be traded for the third time is a big thing," said Shobhit Agarwal, managing director & CEO, Anarock Capital .
"The fact that GIC is buying it back is a big endorsement for the build quality of the asset which is over 10 years old as well as its good location and tenants.
Waverock set up at ₹650cr in 2 phases
HYDERABAD: City's iconic Waverock IT SEZ, which houses the likes of tech giant Apple, has been lapped 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 JV 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 that's listed among the top three IT assets in the country."This is one of the most traded assets between institutions in the country. It is being traded for the third time, which is unheard of for an SEZ. To be traded for the third time is a big thing," said Shobhit Agarwal, managing director & CEO, Anarock Capital . "The fact that GIC is buying it back is a big endorsement for the build quality of the asset which is over 10 years old as well as its good location and tenants. It was built ahead of its time and is still being traded 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.The project, designed by New York-based architectural firm Pei Cobb Freed & Partners, was set up at around ₹650 crore in two phases - 2010 and 2014 - by Tishman Speyer India , a JV between New York based real estate firm Tishman Speyer Properties and ICICI Venture .In 2015, GIC picked up a 50% stake in the project for around ₹1,000 crore and in 2019 SPREF II acquired the entire project from GIC and Tishman Speyer for around ₹1,800 crore.
