Shapoorji Pallonji-Allianz to buy 2.3 million sq ft office park for Rs 1,800 crore in Hyderabad

Shapoorji Pallonji-Allianz to buy 2.3 million sq ft office park for Rs 1,800 crore in Hyderabad
20/07/2018 , by , in ALLIED

Construction giant Shapoorji Pallonji Group and global insurance major Allianz are jointly set to acquire WaveRock, a 2.3-million-sqft office park in Hyderabad, from New York-based Tishman Speyer and Singapore’s GIC for over Rs 1,800 crore, people directly aware of the matter said

The SP-Allianz combine has entered into a 90-day exclusive negotiation with WaveRock’s existing owners, beating other contenders Canadian Pension Plan Investment Board(CPPIB) and a real estate unit of InterGlobe Enterprises. TOI reported about the three bidders lining up for the deal in April this year.

International property consultant JLL is running a sale process for WaveRock, located in the buzzing IT and financial district of Gachibowli, and houses the offices of Apple, Capgemini, TCS and Accenture. The final race was between SP-Allianz and CPPIB. One of the sources cited earlier said the latter has dropped out of the race.

SP Group and Allianz will route the purchase through their $500-million fund, which was set up last year to invest solely in rent-yielding commercial properties, especially leased grade-A office spaces, in India. When contacted, SP Group declined to comment on the report.

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