gic: Allianz-Shapoorji looks to exit Hyderabad’s IT SEZ Waverock for Rs 2,000 cr

Bengaluru | Mumbai: In the single largest potential commercial property exit this year, a JV between the Allianz Group and Shapoorji Pallonji Group entity is looking to exit nearly 2.5 million sq ft IT SEZ property Waverock in Hyderabad for around ₹2,000 crore, multiple sources aware of the deal said. The property counts companies such as Apple, Accenture and TCS as tenants. The property has attracted interest from several institutional investors.

“There are other funds also that had bid for the project but GIC has emerged as front-runner,” said one of the persons mentioned above. In 2019, Allianz-Shapoorji’s JV acquired the property from erstwhile joint owners Singapore’s sovereign wealth fund GIC and New York-based developer Tishman Speyer. GIC had acquired 50% stake in Tishman Speyer’s Waverock in 2015 at an enterprise valuation of ₹1,000 crore.

“The interest shown to acquire the asset indicates the confidence global institutional investors have in the Indian commercial real estate growth story. Income-producing commercial assets have proved to be a major draw for most of the global institutional investors that are active in India or are keen to invest here,” said Sankey Prasad, chairman, Colliers.

The IT SEZ developed by Tishman Speyer in two phases can accommodate 20,000 professionals, and is adjacent to Hyderabad’s financial district at Gachibowli. ET’s email queries to GIC and Shapoorji Pallonji Group remained unanswered until the publication of this report. Allianz declined to comment.