Allianz and Shapoorji Pallonji joint venture sell Waverock for 2,000 crores

The Allianz Group and Shapoorji Pallonji Group joint venture has announced plans to sell Waverock, a nearly 2.5 million sq ft IT SEZ in Hyderabad, for about 2,000 crores. The property is home to tenants including Apple, Accenture, and TCS, and has garnered interest from several institutional investors. The property was originally purchased by the joint venture in 2019 from Singapore's sovereign wealth fund GIC and New York-based developer Tishman Speyer. GIC outbid other notable contenders to become the highest bidder for the property.

Waverock is an IT SEZ started by Tishman Speyer in two phases. It is located next to Hyderabad's financial hub in Gachibowl. The property has the capacity to accommodate up to 20,000 professionals.

The Shapoorji Pallonji Group, a conglomerate based in India with operations in several industries including construction, real estate, engineering, and infrastructure development, is a partner in the joint venture. The group has a rich history dating back to the 1860s and is committed to maintaining its reputation for excellence while contributing positively to the communities it operates in.

Allianz Group, a leading global insurance and financial services company headquartered in Munich, Germany, also operates in over 70 countries. The company provides a range of insurance products and services to individuals, businesses, and corporate clients, including life and health insurance, property and casualty insurance, and asset management.

Overall, the joint venture between the Shapoorji Pallonji Group and Allianz Group brings together two respected organizations with a global presence and a focus on delivering value to their customers and stakeholders.

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Allianz and Shapoorji Pallonji joint venture sell Waverock for 2,000 crores

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