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GIC picks 50% stake in Tishman Speyer’s WaveRock office project in Hyderabad

WaveRock asset is a green one with its buildings having received LEED Gold for Core & Shell certification and the next phase too is being built to meet the same standards.

, ET Bureau|
Updated: Oct 23, 2015, 11.23 AM IST
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WaveRock asset is a green one with its buildings having received LEED Gold for Core & Shell certification and the next phase too is being built to meet the same standards.
WaveRock asset is a green one with its buildings having received LEED Gold for Core & Shell certification and the next phase too is being built to meet the same standards.
NEW DELHI: Singapore’s sovereign wealth fund GIC has picked up 50 per cent stake in American property developer Tishman Speyer's WaveRock office project in Hyderabad. The enterprise value of the asset is close to Rs 1,000 crore, said two people with knowledge of the development.

WaveRock currently has 1.5 million sq ft of office space spread over two towers that are leased to large corporates such as TCS, Accenture, DuPont, Cap Gemini, BirlaSoft. Another 1 million sq ft of space is currently being built and will be completed in the next two years.

The two companies said in a joint statement that they have formed a 50:50 joint venture to own Tishman Speyer’s WaveRock office development project near Gachibowli in Hyderabad. They, however, did not divulge the value of the deal.

Avnish Singh, managing director and country head-India for Tishman Speyer said a rejuvenated interest in the 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.

WaveRock asset is a green one with its buildings having received LEED Gold for Core & Shell certification and the next phase too is being built to meet the same standards, the statement said.

Loh Wai Keong, managing director and co-head Asia at GIC Real Estate 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.”

Earlier this year in July, Hyderabad’s image as an investment destination got a boost when Swedish furniture maker Ikea bought 13 acres of prime land in Hyderabad to set up a retail store. In May this year, Google decided it will invest close to Rs 1,000 crore to set up a new seven acre campus in Hyderabad that will be its biggest facility outside of the US.

These commitments have come after a long period of slow growth for the city because of the issue over the formation of the new state of Telangana.

The city has also seen some large office space leases being signed. Late last year, global consulting firm Deloitte leased close to 1.4 million sq ft office space in the city. Before that pharma major Novartis had take on lease 870,000 sq ft of space in the city to consolidate its operations.

GIC has been active in the Indian market in recent years. Last month, it inked two joint ventures with India’s largest builder DLF for two residential projects in Delhi in which GIC will invest Rs 1,990 crore. Last December, it signed a JV with Gurgaon-based Vatika group to develop two residential projects in the city.

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