In May 2023, global insurance and asset management major Allianz Group and Shapoorji Pallonji Group were seeking to exit the IT Special Economic Zone (SEZ) property and that GIC had emerged as the frontrunner to acquire the 2.4-million-sq-ft asset.

It was noted that in 2019, Allianz-Shapoorji?s joint platform SPREF II Pte Ltd had acquired the property from the previous joint owners GIC and New York-based developer Tishman Speyer. GIC had acquired a 50% stake in Tishman Speyer?s WaveRock in 2015 at an enterprise valuation of Rs 10 billion.

Xander Investment Management, the private equity real estate arm of the global investment firm The Xander Group, announced that a Xander partnership had acquired a 100% interest in the asset. Arpit Singh, a Partner at XIM, commented that "Waverock is a valuable addition to our existing office portfolio in India and will enable us to offer existing and new tenants premium space in another gateway Indian city... We continue to expand our investment footprint with thoughtful, market-leading assets."

The property, with nearly 100% occupancy, is home to key tenants including Tata Consultancy Services, Accenture, Apple, and GAP. The IT SEZ, developed by Tishman Speyer in two phases, accommodates 20,000 professionals and is adjacent to the financial district at Gachibowli. SPREF II announced that it had completed the sale of securities held in TSI Business Parks (Hyderabad) Pvt Ltd (TSIBPH), which owns WaveRock. The securities held by SPREF II in TSIBPH had been purchased by a joint venture of global institutional investors, marking one of the largest transactions in Indian real estate in 2024-25, Shapoorji Pallonji Group stated, without providing specific details of the buyer and the deal value.

Rajesh Agarwal, CEO of Shapoorji Pallonji Investment Advisors, remarked, "This transaction underlines the inherent attractiveness of the Indian real estate market. It also highlights our team?s experience to acquire good assets and enhance value towards providing profitable exits to our institutional investor partners."

SPIRE Investment Manager Pte serves as the investment manager to the SPREF II platform, while Shapoorji Pallonji Investment Advisors acts as an investment advisor to SPIRE.