GIC purchases Phoenix's Hyderabad IT Park for Rs. 1,050 crores


The entirety of Phoenix Aquilla has two separate and independent towers spread over 1.8 million sq ft, and the first tower with 700,000 sq ft has already been completed and leased.  

Singapore sovereign wealth fund GIC has acquired an IT special economic zone spread over 1.1 million sq ft in Hyderabad's Gachibowli locality from the Phoenix Group for Rs. 1,050 crores.  

GIC entered into a new completed purchase agreement to buy the second block with 1.1 million sq ft space.  

ET reported that GIC has emerged as the pacesetter to acquire Allianz and IT special economic zone Waverock, spread over nearly 2.5 million sq ft in Hyderabad for around  Rs 2,000 crores.  

The Indian real estate market received substantial investments of up to $1.7 billion, with investment inflows in the office sector rising by 41% from a year ago to $0.9 billion.