SPREF II Pte. Ltd., a joint venture between Allianz Group and Shapoorji Pallonji Group said it has acquired a 2.4 million sqft special economic zone (SEZ) property Waverock in Hyderabad from TSI Business Parks (Hyderabad) Ltd for $250 million. “This is one of the marquee commercial developments in India and is a terrific addition to Allianz’s office portfolio in 24/7 global cities. Our first investment in SPREF II, SP Infocity Pune, is outperforming its business plan. Office investments in India continue to offer attractive risk-adjusted returns,” said Rushabh Desai, chief executive officer (CEO) -the Asia Pacific, Allianz Real Estate in a statement.

(Dealstreet Asia)