Singapore’s sovereign wealth fund GIC has acquired an information technology-special economic zone (IT SEZ) spread over 1.1 mn sq ft in Hyderabad’s Gachibowli locality from the Phoenix Group for Rs 1,050 Crs.
The entire development Phoenix Aquilla has two towers spread over 1.8 mn sq ft and the first tower with 700,000 sq ft has already been completed and leased. Both the towers next to Amazon’s operational campus are separate and independent parks.
In 2021 GIC entered into a forward purchase agreement to buy the second block with 1.1 mn sq ft space that was then under construction and is now completed. In 2020 in one of the single most significant leasing transactions in the country, this entire IT Park was pre-leased to American IT major Micron Technologies.GIC had paid part of the construction amount upfront and the balance had now been paid with the project’s handover.
