Waverock SEZ in Hyderabad is a hub for many prominent companies like Apple, Accenture and Development Bank of Singapore.
Located in the Gachowli area, Waverock SEZ is spread across 2.4 million square feet. It is a grade-A IT SEZ and is one of the top three IT assets in India.
A Singapore-based company named Xander Group, in association with the Government of Singapore Investment Corporation (GIC), bought the Waverock SEZ for around Rs. 2200 crores.
Xander Group’s private equity real-estate wing, Xander Investment, has acquired a 100% stake in TSI Business Parks, which operates Waverock Allianz Real Estate and Shapoorji Pallonji Group’s joint venture, Shapoorji Pallonji Real Estate Fund (SPREF).
GIC acquired a 50% stake in this project in 2015 for around Rs.1000 crores. In 2019, SPREF II bought the entire project from GIC and New York-based real estate from Tishman Spyer.
Wavrock was set up in two phases, 2010 and 2014, with a cost of around Rs. 650 crores. It was designed by “Pei Cobb Freed & Partners” architecture firm, which is based in New York.
Experts noted that Waverock is being traed for the third time, a significant event for an SEZ. They believe that GEC purchasing it again highlights the thriving Indian real estate market.
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