SPREF II sells interest in TSI Business Parks (Hyderabad) Pvt. Ltd.

SPREF II sells interest in TSI Business Parks (Hyderabad) Pvt. Ltd.Singapore/Hyderabad, India May 30, 2024: SPREF II Pte Limited announced today that it has completed the sale of securities held in TSI Business Parks (Hyderabad) Private Limited (TSIBPH).

SPREF II Pte. Limited (SPREF II) is a collaboration between Shapoorji Pallonji Group and a reputed international institutional investor. SPREF II acquired a controlling stake in TSIBPH in December of 2019. TSIBPH owns Waverock, which is a grade-A IT SEZ located in Gachibowli in Hyderabad with a gross leasable area of approximately 2.4 million square feet.

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.

Rajesh Agarwal, CEO, Shapoorji Pallonji Investment Advisors said that “This transaction underlines the inherent attractiveness of the Indian Real Estate market. It also highlights our team’s vast experience to acquire good assets and enhance their value towards providing profitable exits to our institutional investor partners.”

SPIRE Investment Manager Pte. Ltd (“SPIRE”) is the investment manager to SPREF II platform. Shapoorji Pallonji Investment Advisors Pvt. Ltd. is an investment advisor to SPIRE.

Anarock, DSK Legal, PwC and JLL also acted as advisors to SPREF II on the transaction.