SPREF II sells interest in TSI Business Parks (Hyderabad) Pvt. Ltd.
Singapore/Hyderabad, India: SPREF II Pte Limited announced today that it has completed the sale of securities held in TSI Business Parks (Hyderabad) Private Limited (TSIBPH).
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SPREF II Pte. Limited (SPREF II) is a collaboration between Shapoorji Pallonji Group and a reputed international institutional investor. SPREF II acquired a controlling stake in TSIBPH in December 2019. TSIBPH owns Waverock, which is a grade-A IT SEZ located in Gachibowli in Hyderabad with a gross leasable area of approximately 2.4 million square feet.
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Rajesh Agarwal, CEO, of Shapoorji Pallonji Investment Advisors said “This transaction underlines the inherent attractiveness of the Indian Real Estate market. It also highlights our team’s vast experience in acquiring good assets and enhancing their value towards providing profitable exits to our institutional investor partners.”
SPIRE Investment Manager Pte. Ltd (“SPIRE”) is the investment manager of the SPREF II platform. Shapoorji Pallonji Investment Advisors Pvt. Ltd. is an investment advisor to SPIRE.
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Anarock, DSK Legal, PwC, and JLL also acted as advisors to SPREF II on the transaction.
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