Allianz Group’s joint venture (JV) entity with the Shapoorji Pallonji Group has acquired nearly 2.5 million sq ft IT SEZ property Waverock in Hyderabad, Telangana, for around Rs 1,800 crore.
Allianz-Shapoorji has signed the transaction to buy the property from current joint owners Singapore’s sovereign wealth fund GIC and New York-based developer Tishman Speyer.
The deal marks GIC’s maiden exit from any of its Indian properties. GIC had acquired 50 percent stake in Tishman Speyer’s WaveRock in 2015. The deal has been concluded and the funds transfer has also been completed.
The property earns annual rentals of Rs 140 crore to Rs 145 crore. This is the second property acquired by Allianz-Shapoorji Pallonji JV platform in the country after picking up 1.8 million sq ft SP Infocity for Rs 1,100 crore in 2018.