GIC acquires Hyderabad’s Waverock property from SPREF II for ₹2,150 crore

Singapore’s sovereign wealth fund, GIC, has completed the purchase of Waverock, a 2.4 million sq. ft. commercial property in Hyderabad, for ₹2,150 crore ($286 million) on Wednesday. The asset was acquired from SPREF II Pte, a joint venture between Allianz (ETR:) and Shapoorji Pallonji.

Waverock previously generated a return of 22.8% and ₹400 crore ($53 million) in dividends from tenants including tech giant Apple (NASDAQ:) and global clothing retailer Gap. The commercial property acquisition is seen as a reflection of GIC’s optimism about the growth potential of India’s office market.

SPREF II Pte, the previous owner of the Waverock property, had secured a $500 million commitment from investors such as the Canada Pension Plan Investment Board. The successful transfer of ownership to GIC underscores the continued interest in India’s commercial real estate sector.

GIC’s bullish stance on India’s office market is further demonstrated by its partnership with Brookfield India REIT. This relationship is expected to bolster GIC’s presence in the Indian office sector, which is anticipated to grow due to increased digital adoption across various industries.

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