Pando raises ₹64 cr in Series A round
Pando, which provides networked logistics management software, has raised ₹64 crore in a Series A funding ...
Shapoorji Pallonji and Allianz Real Estate Fund have acquired Waverock, a top IT space in the Gachibowli financial district in Hyderabad, for $250 million from Tishman Speyer and GIC.
JLL represented the sellers and facilitated the transaction.
Located in Hyderabad, the 2.3 million sq ft office development is now occupied by global technology and service giants such as Apple, DBS, GAP, DuPont, Accenture and TCS. It is a fully stabilised asset developed by Tishman Speyer.
Ramesh Nair, CEO & Country Head – India, JLL said, “Income-producing real estate opportunities in India are offering higher growth and stable returns. This is why primarily global institutional investors and sovereign wealth funds are showing interest. This marquee transaction indicates that the real estate market is favourable for newer and bigger investments.”
“In spite of the economic slowdown, we feel commercial real estate activity in India will continue to increase given the long term fundamentals of the country’s commercial market. Single asset transactions are expected to rise in 2020 considering the amount of global institutional capital looking at India, and with office absorption in the country being the highest in the world,” he said.
“Going forward, foreign capital will continue to play a larger role. We believe there will be newer sources of capital coming from Europe, Canada and Japan, increasing the investment activity, which we believe will lead to Cap Rate compression,” added Nair.
Hyderabad continues to witness a healthy supply of offices. According to JLL’s third quarter update, among all prime markets in the country, Hyderabad topped the chart in net absorption and new completions, registering a 36 per cent and 44 per cent market share, respectively, during the July-September quarter.
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