Hyderabad, India, 22 October 2015 – Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, and GIC, Singapore’s sovereign wealth fund, today announced the formation of a 50/50 joint venture to own Tishman Speyer’s Waverock office development project in Hyderabad, India.
Originally designed by one of the world’s leading architecture firms, Pei Cobb Freed & Partners, Waverock’s Phases One and Two, comprising 1.5 million square feet, were completed in 2010 and 2014 respectively. These are fully leased to global technology, industrial & services giants such as TCS Accenture, DuPont, Cap Gemini, BirlaSoft and other high-growth multinational companies. The final Phase Three is currently under development and expected to be completed over the next two years. Waverock has received LEED Gold for Core & Shell™ certification, with Phase Three to be constructed to meet the same standards.
Total buildout for the property, which is located near the high-growth Financial District employment corridor at Gachibowli, a Special Economic Zone being promoted by the TSIIC (Telangana State Industrial Infrastructure Corporation), will be 2.5 million square feet and will serve more than 20,000 professionals upon completion.
“GIC has been one of the world’s most successful institutional property investors for many years,” said Tishman Speyer Senior Managing Director Michael Spies. “The decision to co-invest in the Waverock project with us is very exciting and gratifying. We are very confident that this will be a successful collaboration and that Waverock will continue to be the cornerstone of our firm’s growing presence in India.”
“A rejuvenated interest in the construction and development sector in India, increasing transparency and an impetus to infrastructure build out, is propelling an attractive investment climate for long-term investors across various asset classes seeking income and growth,” said Avnish Singh, Managing Director and Country Head-India for Tishman Speyer. “With a young, internationally exposed and growing professional workforce, corporates are demanding and choosing best-of-class office environments that are institutionally-owned and asset-managed. Waverock is a demonstration of this and we hope to replicate our success in other key markets around India,” he added.
Mr Loh Wai Keong, Managing Director and Co-Head Asia, GIC Real Estate, said, “GIC is confident in Hyderabad’s future as one of the fast-growing cities in India and WaveRock will be an accretive income asset in our portfolio. We look forward to partnering with Tishman Speyer, a leading international manager and owner of real estate globally, in this joint venture. We hope to leverage our mutual strengths to explore more investment opportunities together in India.”