InterGlobe unit bids for Rs 1,800cr park deal in Hyd

Mumbai: A unit of

InterGlobe Enterprises

, the parent of India’s leading airline IndiGo, is among the three shortlisted bidders to acquire a 2.3-million-sqft tenanted business park

WaveRock

— jointly owned by New York-based Tishman Speyer and GIC of Singapore — in Hyderabad. InterGlobe is vying with Canadian Pension Plan Investment Board (CPPIB) and a joint venture between Shapoorji Pallonji and insurance giant Allianz for the Rs 1,800-crore acquisition, people directly aware of the matter said.

The interest of InterGlobe promoters, through Inter-Globe Real Estate, in a big commercial

real estate

deal is significant as it signals large Indian conglomerates diversifying investments into rent-yielding commercial

realty

. Private equity giants such as Blackstone and Brookfield, besides sovereign wealth managers like Qatar Investment Authority and ADIA, have mopped up income-generating commercial real estate in Asia’s third-largest economy.

International property consultant JLL is running a sale process for WaveRock, one of the marquee office hubs in Gachibowli financial district, a special economic zone promoted by Telangana Industrial Infrastructure Corporation. WaveRock counts Apple, Capgemini, TCS and Accenture among its long-term tenants.

InterGlobe Real Estate

was incorporated to acquire rent-yielding commercial assets across India. It currently manages a 1-million-sqft portfolio and is looking to aggressively grow this number.

“We continue to look at various options available in the market, including in Hyderabad. However, we refuse to comment on its participation in the bid for this specific asset in Hyderabad,” an InterGlobe spokesperson said in an emailed response. When contacted, Tishman Speyer declined to comment, while GIC could not be reached for comments immediately.

Real estate and infrastructure developer Shapoorji Pallonji Group floated a $500-million joint venture with Allianz last year to buy rent-yielding office buildings across top Indian metros. CPPIB, which exited an alliance with Shapoorji Pallonji, has been on the prowl to strike standalone office space acquisitions in the country.