Hyderabad's prominent IT park, Waverock, has changed ownership once again. A joint venture between Shapoorji Pallonji Group and Allianz Real Estate (SPREF II) exited their investment in the property, selling it for approximately INR 2,200 crore. Waverock, a Grade-A IT SEZ located in Gachibowli, spans 2.4 million square feet and houses major tech companies like Apple. This transaction, involving a new joint venture of global institutional investors, including GIC and Xander Group, marks Waverock's third ownership change in recent years. The deal underscores the continued attractiveness of India's real estate market and Hyderabad's thriving IT sector.
Hyderabad's prominent IT park, Waverock, has seen a new ownership change. A joint venture between Shapoorji Pallonji Group and Allianz Real Estate (SPREF II) has successfully exited their investment in the property.
Waverock is a highly sought-after Grade-A IT SEZ situated in the heart of Hyderabad's IT hub, Gachibowli. Spanning a massive 2.4 million square feet of gross leasable area, it houses major tech companies, including Apple. Industry experts consider Waverock to be one of the top three IT assets in the country.
This transaction marks the third time Waverock has changed hands in recent years. In 2015, Singapore's Government of Singapore Investment Corporation (GIC) acquired a 50% stake for around INR 1,000 crore. Four years later, SPREF II purchased the entire project from GIC and Tishman Speyer for INR 1,750 crore. Now, in a deal valued at approximately INR 2,200 crore, a new joint venture of global institutional investors, reportedly including GIC and Xander Group, has taken ownership.
This significant transaction highlights the continued attractiveness of the Indian real estate market, particularly for high-quality assets like Waverock. Rajesh Agarwal, CEO of Shapoorji Pallonji Investment Advisors, emphasized the expertise of his team in acquiring and enhancing such assets to deliver profitable exits for investors.
Waverock's ownership journey has been interesting. Constructed in two phases (2010 and 2014) by Tishman Speyer India for INR 650 crore, the architect behind the design was the prestigious New York-based firm Pei Cobb Freed & Partners. In 2015, GIC acquired a 50% stake for INR 1,000 crore. Four years later, SPREF II took over complete ownership by purchasing it from GIC and Tishman Speyer for INR 1,750 crore. Now, in 2024, a new group of global institutional investors, reportedly including GIC again, have acquired Waverock for INR 2,200 crore.
The ongoing interest in Waverock highlights the strength of Hyderabad's IT sector and the potential for further growth. The park's prime location, coupled with its high-quality infrastructure and esteemed tenants, positions it for continued success under its new ownership. This transaction also serves as a positive indicator for the Indian real estate market, attracting significant foreign investment (potentially including GIC again) and showcasing the potential for strong returns.
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