Allianz-Shapoorji intends to sell its stake in Hyderabad's IT SEZ

09 May 2023 CW Team

A JV between the Allianz Group and the Shapoorji Pallonji Group company is trying to exit roughly 2.5 million sq ft IT SEZ property Waverock in Hyderabad for around Rs 2,000 crore.

Apple, Accenture, and TCS are among the tenants at the building. Several institutional investors have expressed interest in the property.

The property was acquired by Allianz-Shapoorji's JV in 2019 from previous joint owners Singapore's sovereign wealth fund GIC and New York-based developer Tishman Speyer.

“The interest shown to acquire the asset indicates the confidence global institutional investors have in the Indian commercial real estate growth story. Income- producing commercial assets have proved to be a major draw for most of the global institutional investors that are active in India or are keen to invest here,” said Sankey Prasad, chairman, Colliers.

Tishman Speyer's IT SEZ, built in two phases, can house 20,000 professionals and is located near Hyderabad's financial district at Gachibowli.

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