Allianz-Shapoorji Pallonji JV acquires Hyderabad's WaveRock

SPREF II Pte. Ltd., a joint venture between Allianz Group and Shapoorji Pallonji Group, on Wednesday said it has acquired a 2.4 million sqft special economic zone (SEZ) property Waverock in Hyderabad from TSI Business Parks (Hyderabad) Ltd for $250 million. Located at Gachibowli financial district –Information Technology hub in Hyderabad, the IT SEZ comprises four office towers with some large multinational companies such as Apple, Tata Consultancy Ltd, Accenture and DBS among others. “This is one of the marquee commercial developments in India and is a terrific addition to Allianz’s office portfolio in 24/7 global cities. Our first investment in SPREF II, SP Infocity Pune, is outperforming its business plan. Office investments in India continue to offer attractive risk-adjusted returns," said Rushabh Desai, chief executive officer (CEO) -Asia Pacific, Allianz Real Estate in a statement.