Global bidders vie for Waverock complex in Hyderabad

16 Dec 2022 CW Team

Global investors including Canadian pension fund CPPIB, Singaporean sovereign fund GIC, and another Singapore firm Mapletree, have bid for Waverock, a 2.4 million square foot office complex in Hyderabad.

The complex is owned by SPREF II, a joint venture (JV) of Shapoorji Pallonji Investment Advisors (SPIA) and Allianz Real Estate, an arm of German insurer Allianz group. Reports say that though the JV partners tried to sell the asset early this year, the sale did not go through owing to a mismatch in expectations of the seller and buyer. Now, they are expecting a cap rate of 7.5%, one report said citing sources. Cap rate is the ratio between the annual rental income produced by a real estate asset to its current market value. It is used to asses profitability and returns from investments.

SPREF II bought the property in 2019 from a JV of Singapore sovereign wealth fund GIC and US-based developer Tishman Speyer for $250 million (about Rs 17.80 billion). Completed in 2017, Waverock comprises four office towers with a total leasable area of 2.4 million sq ft located in the Gachibowli financial district, a high-growth IT hub of the city. High-profile lessees include Apple, Tata Consultancy Services and Accenture.

None of the parties contacted was prepared to comment on the matter.

Infrastructure Transport

01 Sep 2025

Indian Railways Marks New Milestone with 4.5 km Long ‘Rudrastra’ Trial

Indian Railways has successfully conducted the trial run of Asia’s longest freight train, named ‘Rudrastra’, achieving a new milestone in cargo transportation, as per news reports. The 4.5 km-long train began its trial from Ganjkhwaja railway station in Chandauli, Uttar Pradesh, and travelled to Garhwa in Jharkhand. Covering a distance of 209 km in 5 hours and 10 minutes, it maintained an average speed of 40.5 km per hour. The train was formed by combining three long-haul racks, with ..

UltraTech Launches India’s First On-Site Hybrid RTC Renewable Energy Project

UltraTech Cement has operationalised a 7.5 MW round-the-clock (RTC) hybrid renewable energy project at its Sewagram Cement Works in Gujarat. The first-of-its-kind solution combines bifacial solar modules with trackers, wind energy and battery storage, co-located on-site, to ensure uninterrupted power for cement manufacturing without grid reliance. The project was executed in collaboration with clean energy solutions provider Gentari. Installed as a behind-the-meter system, it is the country..

Patna Metro Trials Successful, Red Line Priority Corridor to Launch This Month

Patna is set to roll out its first metro rail service later this month, with successful trial runs conducted on the Red Line priority corridor, the Patna Metro Rail Corporation announced.On 7 September, a metro train completed a test run between the Patna depot and Bhootnath station. Officials said the trials involved rigorous checks of rolling stock fitness, overhead electrification (OHE), and track alignment and stability to ensure operational safety and performance.The corridor from the New Pataliputra Bus Terminal to Bhoothnath has been designated as the priority stretch and will be the fi..