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

When introducing a property investment opportunity to PIMCO Prime 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 PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.

"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road​, Shanghai Tower, Pudong New District ​, Shanghai 200120​, People’s Republic of China​), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.

PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.