SP Group Sells Hyderabad Project for Rs 2,200 cr
May 29, 2024 22:32
Shapoorji Pallonji Group's investment platform SPREF II has sold its stake in a Hyderabad commercial real estate project for Rs 2,200 crore, marking one of the largest transactions in Indian real estate in FY24-25.
Mumbai, May 29 (PTI) An investment platform co-owned by debt-laden Shapoorji Pallonji Group has sold its stake in a Hyderabad commercial real estate project for Rs 2,200 crore, sources said on Wednesday.
Xander group has partnered with Singapore-based GIC to pick up the stake in the TSI Business Parks (Hyderabad) Pvt Ltd, which owns the asset called Waverock, sources said.
SPREF II, the investment platform owned by Shapoorji Pallonji Group and German insurer Allianz, had acquired a controlling stake in TSIBPH in December 2019.
TSIBPH owns Waverock, an IT special economic zone in Gachibowli in Hyderabad with a gross leasable area of about 2.4 million sq ft, as per a statement.
"The securities held by SPREF II in TSIBPH have been purchased by a joint venture of global institutional investors, marking one of the largest transactions in Indian real estate in FY24-25," the statement said.
However, the quantum of money coming into the SP Group was not immediately clear because its stake in the investment platform SPREF II could not be ascertained.
"This transaction underlines the inherent attractiveness of the Indian real estate market," Shapoorji Pallonji Investment Advisors Chief Executive Rajesh Agarwal said.
"Waverock is a valuable addition to our existing office portfolio in India and will enable us to offer existing and new tenants, premium space in another gateway Indian city," said Arpit Singh, Partner at Xander Investment Management.
XIM, which is also based in Singapore, has been investing in India for the last two decades and has acquired or developed over 100 million square feet across office, across asset classes, including office, retail, industrial, budget and luxury hotels, warehousing, residential condominiums and townships.
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