Singapore’s GIC acquires an IT Park is in Hyderabad for Rs 1,050 Cr

The Phoenix Group recently sold its information technology special economic zone (IT-SEZ) spread over 1.1 million square feet in Gachibowli locality of Hyderabad to Singapore's sovereign wealth fund GIC for Rs 1050 crore. GIC signed a forward purchase agreement in 2021 to purchase the second block which was under construction at that time. This entire IT park has been pre-leased to American IT major Micron Technologies in 2020, making it one of the most significant leasing transactions in the nation.

Phoenix Aquilla is a full development with two towers totalling 1.8 million square feet. The first tower with 700,000 square feet has already been finished and leased. The two towers are separate and have independent parks located near to amazons operating campus.

According to a Colliers India report, foreign investments have increased in India over the past few years as the economy has undergone important structural and policy reforms that have increased transparency and made doing business easier. Financial resources have been actively deployed across asset classes by domestic and international funds like Blackstone, Brookfield, CPPIB, Kotak, and Motilal Oswal. The Indian real estate market attracted significant institutional investments totalling $1.7 billion during the first quarter of 2023 with the office sector leading the way and presenting a promising forecast for the year to come.

Next (Mumbai Soars to sixth place in Global Housing Price Growth Index)

Singapore’s GIC acquires an IT Park is in Hyderabad for Rs 1,050 Cr

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