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AZB, DSK, Tatva act on record-breaking $250m Allianz-Shapoorji Pallonji buy of Hyderabad commercial property IT SEZ

In the largest single commercial property transaction, global insurance and asset management major the Allianz Group’s joint venture entity with Shapoorji Pallonji Group has acquired nearly 2.5 million sq ft IT SEZ property Waverock in Hyderabad for around Rs 1,800 crore, said two persons with direct knowledge of the development. This is also the single largest institutional commercial transaction this year.

The Economic Times

AZB & Partners advised GIC Singapore, which had jointly owned and sold the property via its affiliate Reco Rock Private Limited, led by a team of partners Sai Krishna Bharathan and Vivek Bajaj, senior associate Vydyanathan L.

DSK Legal advised SPREF II Pte Ltd, the joint venture between the Shapoorji Palloni Group and Allianz Group, led by a team of partner Sajit Suvarna, associate partner Saloni Mody, senior associate Siddhesh Iyer, senior associate Dheeraj Shetty and associate Harini Sutaria. In addition, principal associate Shahin Umani and associate Akanksha Khare were a part of the corporate due diligence team.

^Update 2 January 2020^: Tatva Legal Hyderabad advised the seller, TS Hyderabad 12A and company TSI Business Parks (Hyderabad) Pvt Ltd led by a team including partner Shailendra Komatreddy, manager Aamuktha Sastry, senior associate G V Yasasvi, senior associate Prerna Khandelwal and associate Ifrazunnisa Khan.

2019-12-19

Deal value: INR 17.68 Billion / approx. USD 250 million

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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