A partnership between the Allianz Group and the Shapoorji Pallonji Group is reportedly aiming to sell the approximately 2.5 million square foot IT SEZ property Waverock in Hyderabad for over £2,000 crore, according to numerous sources with knowledge of the transaction. This would be the largest commercial real estate departure this year.

Tenants of the site include businesses including Apple, Accenture, and TCS. Several institutional investors are interested in the property.

One of the individuals cited above stated that while other funds had submitted bids for the project, GIC had emerged as the front-runner. 2019 saw the property being purchased by Allianz-Shapoorji's JV from its former joint owners, Singapore's sovereign wealth fund GIC and New York-based developer Tishman Speyer. In 2015, GIC purchased a 50% share in Tishman Speyer's Waverock for a total cost of $1 billion.

"The desire to purchase the asset demonstrates the faith that international institutional investors have in the success of the commercial real estate market in India.

According to Sankey Prasad, chairman of Colliers, "income-producing commercial assets have proven to be a big pull for the majority of the global institutional investors that are active in India or are ready to invest here.