Allianz-Shapoorji Pallonji collaboration acquires WaveRock Complex for USD 250 Million

Singapore, Mumbai, Munich, 12/18/2019

SPREF II Pte. Ltd., a collaboration between Allianz Real Estate, acting on behalf of several Allianz companies, and Shapoorji Pallonji Group, has acquired 100% 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 USD 250 million.

SPREF II Pte. Ltd., a Singapore-domiciled, is targeting the office market in India. Completed in 2017, WaveRock comprises 4 office towers with a total leasable area of approximately 2.4 million square feet. The asset is located in the Gachibowli financial district – a high-growth IT hub and established employment corridor of Hyderabad. The asset is fully occupied and is home to marquee tenants such as Apple, TCS, Accenture, DBS and GAP IT. 

SPREF's strategy is to leverage structural trends in six tier one cities to build a long-term, cash flow producing office portfolio by acquiring a blend of develop-to-core, forward purchases, and stabilized or stabilizing assets. The six target cities are Mumbai, Bangalore, Hyderabad, Pune, Chennai and National Capital Region. SPREF II has equity commitments of USD 500 million from its investors. 

Rushabh Desai, Asia Pacific CEO of Allianz Real Estate, said: “This is one of the marquee commercial developments in India and is a terrific addition to Allianz’s office portfolio in 24/7 global cities. Our first investment in SPREF II, SP Infocity Pune, is outperforming its business plan. Office investments in India continue to offer attractive risk-adjusted returns.”
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.”

Press Contact:

Phillip Lee
Phillip Lee
Senior Marketing & Communications Manager

Allianz Real Estate GmbH and Allianz Real Estate of America, their subsidiaries and affiliates are known jointly as “Allianz Real Estate”. Allianz Real Estate is a PIMCO company. When introducing a property investment opportunity to Allianz Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between Allianz Real Estate and the introducer. By submitting an introduction to Allianz Real Estate you shall be deemed to have accepted the aforementioned terms.
PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world.  ©2022, PIMCO.