Xander Group Acquires Hyderabad’s Iconic Waverock IT SEZ For Rs 2,200 Crore

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Xander Investments, the private equity real estate branch of Xander Group, has acquired 100% of TSI Business Parks (Hyderabad) from Shapoorji Pallonji Real Estate Fund.

Hyderabad’s iconic Waverock IT SEZ, housing big companies like Apple and TATA, has been bought by Singapore-based Xander Group for Rs 2,200 crore. Xander Group has acquired the property in partnership with Govt of Singapore Investment Corporation (GIC). Waverock, a 2.4 million sq ft Grade-A IT SEZ in the IT hub of Hyderabad’s Gachibowli. It is listed among the top three IT assets in the country.

Xander Investments, the private equity real estate branch of Xander Group, has acquired 100% of TSI Business Parks (Hyderabad) from Shapoorji Pallonji Real Estate Fund, the company that operates Waverock. It is a joint venture between Allianz Real Estate and Shapoorji Pallonji Group. It is considered as one of the top IT parks in India. This well-known establishment acts as a one-stop destination servicing customers both locally and from other parts of the world. It is one of the most traded assets between institutions in the county. Thai rade marks the third time this institution has gone under the hammer.

Shobhit Agarwal, Director & CEO, of Anarock Capital, said, “This is one of the most traded assets among institutions in the country. The fact that GIC is buying it back is very good. This property is more than 10 years old and has excellent construction quality, so, this property is in demand in the city for its good location and good rent. This property is still trading at the top level in the country.”

Shapoorji Pallonji Investment Advisor CEO Rajesh Agarwal stressed the fact that this deal underlines the inherent attractiveness of the Indian real estate market. Waverock IT SEZ was designed by New York-based architectural firm Pei Cobb Freed & Partners. The project was completed in two phases in 2010 and 2014 at a cost of approximately Rs 650 crore. It was completed by Tishman Speyer India, a Joint Venture between New York-based real estate firm Tishman Speyer Properties and ICICI Venture.

In 2015, GIC bought a 50% stake in the project for around Rs 1,000 crore and in 2019 SPREF II acquired the entire project from GIC and Tishman Speyer for around Rs 1,800 crore.