SP Group backed platform sells Hyderabad project for Rs 2,200 crore

An investment platform co-owned by debt-laden Shapoorji Pallonji Group has sold its stake in a Hyderabad commercial real estate project for Rs 2,200 crore, sources said on Wednesday.

Singapore's GIC is said to have bought the stake in the TSI Business Parks (Hyderabad) Pvt Ltd, the sources said.

SPREF II, the investment platform owned by Shapoorji Pallonji Group and German insurer Allianz, acquired a controlling stake in TSIBPH in December 2019.

TSIBPH owns Waverock, an IT special economic zone in Gachibowli in Hyderabad with a gross leasable area of about 2.4 million sq ft, as per a statement.

"The securities held by SPREF II in TSIBPH have been purchased by a joint venture of global institutional investors, marking one of the largest transactions in Indian real estate in FY24-25," the statement said.

However, the quantum of money coming into the SP Group was not immediately clear because its stake in the investment platform SPREF II could not be ascertained.

"This transaction underlines the inherent attractiveness of the Indian real estate market," Shapoorji Pallonji Investment Advisors Chief Executive Rajesh Agarwal said.