GIC buys out SP-Allianz combine from Hyd IT SEZ Waverock for Rs.2,150-Cr

Singapore Government-owned investment firm GIC is to buyout the stake of SPREF II - a Joint Venture of Allianz Real Estate and Shapoorji Pallonji Group - in Waverock, an information technology-focused SEZ (special economic zone) in Hyderabad, for INR 2,150 crore Waverock has four office towers with a leasable area of 2.4 million sq ft. Its tenants include Apple, TCS, Accenture, DBS, and GAP. GIC was a previous investor in the property. In 2019, SPREF II had acquired the asset from GIC and Tishman Speyer for INR 1,750 crore.