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GIC buys Hyderabad IT Park Phoenix Aquilla for Rs.1,050-Cr

Economic Times  

Singapore sovereign wealth fund GIC has acquired an information technology-special economic zone (IT-SEZ) spread over 1.1 million sq ft in Hyderabad's Gachibowli locality from the Phoenix Group for INR 1,050 crore. The entire development, Phoenix Aquilla, next to Amazon's operational campus, has two separate towers spread over 1.8 million sq ft. The first tower with 700,000 sq ft has been completed and leased. In 2021, GIC entered into a forward purchase agreement to buy the second block with 1.1 million sq ft space that was then under construction and is now completed. In 2020, the entire IT park was pre-leased to American IT major Micron Technologies.