GIC and Tishman Speyer are jointly investing in an Indian office scheme.
The Singapore sovereign wealth fund joined the real estate developer in a 50/50 joint venture to own the latter’s WaveRock office project in Hyderabad.
Loh Wai Keong, managing director and co-head for Asia at GIC Real Estate, said the fund was confident in Hyderabad’s future, being “one of the fast-growing cities in India”.
“WaveRock will be an accretive income asset in our portfolio,” Loh Wai Keong said.
“We hope to leverage our mutual strengths to explore more investment opportunities together in India.”
WaveRock’s first and second phases, which total 1.5m sq ft and were completed in 2010 and 2014, are fully leased to TCS Accenture, DuPont, Cap Gemini and BirlaSoft.
The project’s third phase is currently under development and expected to be completed over the next two years.
Avnish Singh, managing director and country head for India at Tishman Speyer, said: “With a young, internationally exposed and growing professional workforce, corporates are demanding and choosing best-of-class office environments institutionally owned and asset managed.
“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.”