A joint venture between Shapoorji Pallonji Group and Allianz Real Estate has completed its exit from a Hyderabad commercial SEZ development Waverock.

In a statement the SP group said that the joint venture entity SPREF II Pte had completed the sale of securities held in TSI Business Parks (Hyderabad) Pvt Ltd, the entity that has developed Waverock, a grade-A IT SEZ located in Gachibowli in Hyderabad with a gross leasable area of approximately 2.4 million square feet.

The stake has been purchased by a “joint venture of global institutional investors”, the statement said, without revealing any names, nor the amount paid.

However, sources indicated that one of the buyers was Singapore’s GIC. Last year businessline had written about the transaction and the transaction amount mentioned was ₹2,150 crore. In 2019, SPREF II acquired the same asset from GIC and Tishman Speyer for ₹1,750 crore.

SPREF II Pte was formed in 2017 with the intent to invest in commercial office properties in India, and had a commitment of $500 million from investors, which included Canada Pension Plan Investment Board as a limited partner.

“This transaction underlines the inherent attractiveness of the Indian Real Estate market. It also highlights our team’s vast experience to acquire good assets and enhance their value towards providing profitable exits to our institutional investor partners,” said Rajesh Agarwal, CEO, Shapoorji Pallonji Investment Advisors.

SPIRE Investment Manager Pte is the Singapore-based investment manager to SPREF II platform. Shapoorji Pallonji Investment Advisors is an investment advisor to SPIRE.