Shapoorji Pallonji Group Sells Stake in Hyderabad Project for Rs 2
Shapoorji Pallonji Group has sold its stake in the group's Singapore-based joint venture real estate fund
Shapoorji Pallonji GroupGicReal EstateHyderabadTsi Business ParksReal EstateMay 30, 2024
SPREF II, an investment platform co-owned by the Shapoorji Pallonji Group and German insurer Allianz, had acquired a controlling stake in TSI Business Parks in December 2019. TSI Business Parks owns Waverock, an IT special economic zone located in Gachibowli, Hyderabad, with a gross leasable area of approximately 2.4 million square feet.
The securities held by SPREF II in TSI Business Parks were purchased by a joint venture of global institutional investors. This transaction is noted as one of the largest in Indian real estate for FY25. However, the exact amount of money flowing to the Shapoorji Pallonji Group remains unclear as the specifics of its stake in SPREF II were not disclosed.
Shapoorji Pallonji Group is a leading Indian business conglomerate with a diversified portfolio of businesses, including construction, real estate, and infrastructure. The group has been a major player in the Indian real estate sector, with several notable projects across the country.
GIC (Government of Singapore Investment Corporation) is a sovereign wealth fund established by the Government of Singapore to manage its financial assets. GIC has been actively investing in the Indian real estate sector, with a focus on commercial properties.
Shapoorji Pallonji Group is a leading Indian business conglomerate with a rich history of over 150 years. The group has a diversified portfolio of businesses, including construction, real estate, and infrastructure. The group is committed to delivering high-quality projects and services to its customers.
GIC is a sovereign wealth fund established by the Government of Singapore to manage its financial assets. GIC has been actively investing in the Indian real estate sector, with a focus on commercial properties.
Frequently Asked Questions
What is the value of the stake sold by Shapoorji Pallonji Group?
The stake sold by Shapoorji Pallonji Group is valued at Rs 2 200 crore
Who acquired the stake in TSI Business Parks?
The stake in TSI Business Parks was acquired by Singapore's GIC
What is the gross leasable area of Waverock an IT special economic zone in Hyderabad?
The gross leasable area of Waverock is approximately 2 4 million square feet
What is SPREF II?
SPREF II is an investment platform co-owned by the Shapoorji Pallonji Group and German insurer Allianz
What is the significance of this transaction in the Indian real estate sector?
This transaction is noted as one of the largest in Indian real estate for FY25
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