Login
SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Singapore’s GIC acquires an IT Park is in Hyderabad for Rs 1,050 Cr

#Taxation & Finance News
PNT Reporter | Last Updated : 23rd May, 2023
share-icon Share
font-size icon Font size
ABC Small ABCMedium ABCLarge
Save
print Print
comment Comment
Synopsis

The Phoenix Group recently sold its information technology special economic zone (IT-SEZ) spread over 1.1 million square feet in Gachibowli locality of Hyderabad to Singapore's sovereign wealth fund GIC for Rs 1050 crore. GIC had signed a forward purchase agreement in 2021 to purchase the second block which was under construction at that time. The entire IT park has been pre-leased to American IT major Micron Technologies in 2020, making it one of the most significant leasing transactions in the nation.

Story Image

Representative image

The Phoenix Group recently sold its information technology special economic zone (IT-SEZ) spread over 1.1 million square feet in Gachibowli locality of Hyderabad to Singapore's sovereign wealth fund GIC for Rs 1050 crore. GIC signed a forward purchase agreement in 2021 to purchase the second block which was under construction at that time. This entire IT park has been pre-leased to American IT major Micron Technologies in 2020, making it one of the most significant leasing transactions in the nation.  




Phoenix Aquilla is a full development with two towers totalling 1.8 million square feet. The first tower with 700,000 square feet has already been finished and leased. The two towers are separate and have independent parks located near to amazons operating campus. 



According to a Colliers India report, foreign investments have increased in India over the past few years as the economy has undergone important structural and policy reforms that have increased transparency and made doing business easier.  Financial resources have been actively deployed across asset classes by domestic and international funds like Blackstone, Brookfield, CPPIB, Kotak, and Motilal Oswal. The Indian real estate market attracted significant institutional investments totalling $1.7 billion during the first quarter of 2023 with the office sector leading the way and presenting a promising forecast for the year to come.



 
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

Have something to say? Post your comment

Post Comment

Quick Links

Asset Class

Location

Other News
post_image

5th Jun, 2025

Mumbai emerges as top data centre hub in Asia-Pacific region
post_image

25th May, 2023

Reliance Industries acquires the Mandarin Oriental Hotel in New York
post_image

11th May, 2023

U.S. housing market sees significant decline in home listings amidst reluctant sellers and high mortgage rates
post_image

27th Apr, 2023

US single-family housing construction on the rise: positive signs for a struggling market