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GIC to buy Phoenix Group's IT SEZ in Hyderabad

Wednesday, 31 Mar 2021
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Singapore sovereign wealth fund GIC has entered into an agreement to buy an Information Technology-Special Economic Zone (IT-SEZ) spread over 1.1 million sq ft at Gachibowli locality in Hyderabad, Telangana, from the Phoenix Group for Rs 1,050 crore.

The entire development, Phoenix Aquilla, has two towers spread over 1.8 million sq ft and the first tower with seven lakh sq ft has already been completed and leased. Both the towers situated next to Amazon's operational campus are separate and independent parks.

The second block with 1.1 million sq ft space is currently under construction and expected to be completed in the next 15 months.

In 2020, this entire IT park was pre-leased to American IT major Micron Technologies. The deal with GIC is a forward purchase agreement as the project will be handed over by the Phoenix Group after completing the entire construction and execution.

GIC has paid part of the consideration amount upfront and balance will be transferred after the project’s handover to them.

Global alternative investment advisor Varde Partners invested over Rs 1,150 crore in the Phoenix Group’s two under-construction IT parks. Prior to inducting GIC and Varde Partners, the developer entered into alliances with global entities such as CapitaLand, Xander, Lake Shore for its other projects.

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