IndiGo parent Joins Race To Acquire GIC-Tishman JV 'WaveRock'

InterGlobe Enterprises Pvt. Ltd, the parent of airline IndiGo, is in the process of acquiring commercial real estate project WaveRock  which is expected to be valued at Rs 1,800 crore ($277 million).

WaveRock is a joint venture between Singapore sovereign wealth fund GIC and US-based developer Tishman Speyer.

The other top bidders for the office project in Hyderabad are Canada Pension Plan Investment Board and a joint venture of Shapoorji Pallonji and Allianz Group, the report added.

Earlier Blackstone, Ascendas, CPPIB, Brookfield, and CapitalLand had evinced interest in the project.

The Indian arm of international property consultant JLL has the mandate to find buyers.

Spread over 2.5 million sq. ft in the Gachibowli financial district of Hyderabad, the project counts Apple, Tata Consultancy Services, Accenture Plc, Capgemini and DuPont as its tenants.

InterGlobe Real Estate, the real estate arm of InterGlobe Enterprises, started operations last year. It manages the real estate portfolio and funds of the parent company. It aims to participate in a combination of greenfield, brownfield and ready assets across India, according to its website.