May 30, 2024: Shapoorji Pallonji Group has sold its stake in the group’s Singapore-based joint venture real estate fund, SPREF, which was held in TSI Business Parks, Hyderabad, for Rs 2,200 crore. Singapore’s GIC is reported to have acquired this stake.
SPREF II, an investment platform co-owned by the Shapoorji Pallonji Group and German insurer Allianz, had acquired a controlling stake in TSI Business Parks in December 2019. TSI Business Parks owns Waverock, an IT special economic zone located in Gachibowli, Hyderabad, with a gross leasable area of approximately 2.4 million square feet.
The securities held by SPREF II in TSI Business Parks were purchased by a joint venture of global institutional investors. This transaction is noted as one of the largest in Indian real estate for FY25. However, the exact amount of money flowing to the Shapoorji Pallonji Group remains unclear as the specifics of its stake in SPREF II were not disclosed.
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