GIC and Tishman Speyer are jointly investing in an Indian office scheme.
The joined the real estate developer in a 50/50 joint venture to own the latter鈥檚 WaveRock office project in Hyderabad.
Loh Wai Keong, managing director and co-head for Asia at GIC Real Estate, said the fund was confident in Hyderabad鈥檚 future, being 鈥渙ne of the fast-growing cities in India鈥�.
鈥淲aveRock will be an accretive income asset in our portfolio,鈥� Loh Wai Keong said.
鈥淲e hope to leverage our mutual strengths to explore more investment opportunities together in India.鈥�
WaveRock鈥檚 first and second phases, which total 1.5m sq ft and were completed in 2010 and 2014, are fully leased to TCS Accenture, DuPont, Cap Gemini and BirlaSoft.
The project鈥檚 third phase is currently under development and expected to be completed over the next two years.
Avnish Singh, managing director and country head for India at Tishman Speyer, said: 鈥淲ith a young, internationally exposed and growing professional workforce, corporates are demanding and choosing best-of-class office environments institutionally owned and asset managed.
鈥淎 rejuvenated interest in the construction and development sector in India, increasing transparency and an impetus to infrastructure build out is propelling an attractive investment climate for long-term investors across various asset classes seeking income and growth.鈥�
