Indiabulls PE to buy one million sq ft in Hyderabad for Rs 450 crore
Indiabulls Private Equity would buy one million square feet in a Hyderabad IT park property for onward leasing to technology companies, marking one of the biggest pure-play investment purchases in commercial real-estate in the country, reports Kailash Babar.
The multi-phase deal at Phoenix Trivium values the property owned by Hyderabad realtor Phoenix Group at Rs 450 crore, said two persons close to the transaction.
“Of the total development in the IT corridor of the city, the developer has already completed the first phase of the project, and this phase has already been fully leased to a leading software company,” said one of the persons cited above. Ambar Maheshwari, CEO – PE Funds, Indiabulls AMC confirmed the transaction without giving details of the deal.