Allianz insurance companies and Indian company Shapoorji Pallonji Group are acquiring a Hyderabad office development from developer Tishman Speyer and Singapore sovereign wealth fund GIC for US$250m (€225m).

Allianz Real Estate, on behalf of several Allianz companies, and Shapoorji Pallonji are acquiring TSI Business Parks, which owns and operates an office complex called WaveRock.

Tishman Speyer and GIC entered into a joint venture in 2015 to own the development, which comprises four towers with 2.4m sqft of commercial space in a special economic zone of Hyderabad.

The investment by Allianz and Shapoorji Pallonji is being made through SPREF II, a US$500m joint venture established in 2017 to invest in the office markets of Mumbai, Bangalore, Hyderabad, Pune, Chennai and National Capital Region.

WaveRock is located in the Gachibowli financial district and is leased to tenants includes Apple, TCS, Accenture, DBS and GAP IT.

Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate, said: “This is one of the marquee commercial developments in India and is a terrific addition to Allianz’s office portfolio in 24-seven global cities.

“Our first investment in SPREF II, SP Infocity Pune, is outperforming its business plan. Office investments in India continue to offer attractive risk-adjusted returns.”

Rajesh Agarwal, CEO of Shapoorji Pallonji Investment Advisors, said: “The acquisition of WaveRock represents the confidence of global institutional investors in the Indian commercial real estate growth story.

“This investment is in line with our vision of creating a sustainable commercial real estate portfolio across key metros in India.”