Värde funds $155m for two office developments in Hyderabad, India
Värde Partners has provided senior construction financing on two pre-leased office assets in the Gachibowli Financial District of Hyderabad, India.
The $155 million facility will be used to refinance and fund to completion more than 2.5 million square feet across the two class A developments owned by Phoenix Group. To date, more than 1.5 million square feet has been pre-let to two multi-national companies, reflecting the quality and location of the assets. Construction of both projects is well advanced, with substructure development complete and super-structure phases under way.
Hyderabad is a recognized global tech hub, with the city’s financial district home to a large number of multi-nationaltech, financial-services and professional-services companies. Hyderabad is one of the fastest growing metropolitan cities in India and one of the strongest markets in the country for office absorption.
Värde believes that India’s real estate market is experiencing a