Singapore’s sovereign wealth fund GIC announced that it has partnered with New York based real estate firm Tishman Speyer, to jointly own an upcoming office project in Hyderabad. The partnership will be a 50-50 joint venture.
Located near the financial district in the capital of Telangana state, the area of the project will be 2.5 million sq ft and will house over 20,000 professionals.
Mr Loh Wai Keong, managing director for Asia at GIC Real Estate said GIC is confident in Hyderabad’s future as one of the fast-growing cities in India, and the investment will be an income asset in GIC’s portfolio.
Tishman Speyer senior managing director Michael Spies said GIC has been one of the world’s most successful institutional property investors for years and they are confident this will be a successful collaboration.
The first two phases of WaveRock (as the project has been named) were completed in 2010 and last year. The existing office space is fully leased to technology, industrial and services giants such as DuPont, Cap Gemini, BIrlaSoft etc. The final phase is expected to be completed over the next 2 years.