Allianz-Shapoorji Pallonji collaboration acquires WaveRock Complex for $250m
Transactions - DECEMBER 18, 2019

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Allianz-Shapoorji Pallonji collaboration acquires WaveRock Complex for $250m

by Released

SPREF II Pte. Ltd., a collaboration between Allianz Real Estate, acting on behalf of several Allianz companies, and Shapoorji Pallonji Group have acquired 100 percent of the securities of an Indian company, TSI Business Parks (Hyderabad) Private Limited, which owns, operates and maintains WaveRock, a special economic zone (SEZ) development in Hyderabad, India, at a valuation of $250 million.

Rajesh Agarwal, CEO of Shapoorji Pallonji Investment Advisors, said, “The acquisition of WaveRock represents the confidence of global institutional investors in the Indian commercial real estate growth story. This investment is in line with our vision of creating a sustainable commercial real estate portfolio across key metros in India.”

SPREF II Pte. Ltd., a Singapore-domiciled entity, is targeting the office market in India. Completed in 2017, WaveRock comprises four office towers with a total leasable area of approximately 2.4 million square feet. The asset is located in the

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