Tishman Speyer on Thursday said Singapore’s sovereign wealth fund GIC will be investing in the real estate developer’s Waverock office project in Hyderabad through a joint venture (JV).
The over Rs 1,000-crore projects – Waverock’s Phase One and Two – comprising 1.5 million square feet were completed in 2010 and 2014, respectively. Phase Three is under development and is expected to be completed in the next two years.
“Tishman Speyer and GIC today announced the formation of a 50/50 JV to own Tishman Speyer’s Waverock office development project in Hyderabad, India,” the New York-based real estate firm said in a statement.
The project’s completed office space has been leased to global technology, industrial and services firms such as TCS, Accenture, DuPont, Cap Gemini and BirlaSoft, it added.
The total buildout for the property, which is located near Gachibowli, will be 2.5 million square feet and will serve over 20,000 professionals upon completion, it said.
Gachibowli is a Special Economic Zone promoted by the TSIIC (Telangana State Industrial Infrastructure Corporation).
“A rejuvenated interest in construction and development sector in India, increasing transparency and an impetus to infrastructure build out is propelling an attractive investment climate for long-term investors across various asset classes seeking income and growth,” Tishman Speyer managing director and country head-India Avnish Singh said.
GIC Real Estate managing director and co-head Asia Loh Wai Keong said, “GIC is confident in Hyderabad’s future as one of the fast-growing cities in India and WaveRock will be an accretive income asset in our portfolio.”