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