Key Takeaways
- • Xander Investment Management and Singapore's GIC have formed a joint venture to acquire Waverock, a 2.4 million square foot business park in Hyderabad, for approximately $250–$260 million (€244 million / ₹2,200 crores), representing a per-square-foot valuation of around $108.
- • The acquisition targets industrial and logistics assets in high-growth sectors across India's key industrial corridors, positioning the partnership to capitalize on e-commerce and logistics infrastructure demand.
- • Xander, a Singapore-based private equity real estate investor, is acquiring the asset from a joint venture vehicle that includes PIMCO Prime Real Estate, signaling continued institutional appetite for stabilized Indian real estate infrastructure.
- • This transaction reflects growing institutional capital allocation toward India's industrial and business park segments, with both GIC (a sovereign wealth fund) and Xander demonstrating confidence in the Indian real estate market's growth trajectory.
Summary
Xander Investment Management, a Singapore-headquartered private equity real estate firm, and GIC, Singapore's sovereign wealth fund, have partnered to acquire Waverock, a major business park located in Hyderabad, India. The transaction values the asset at approximately $250–$260 million (€244 million or ₹2,200 crores), reflecting a per-square-foot acquisition price of roughly $108.
The 2.4 million square foot industrial property was acquired from a vehicle jointly owned by PIMCO Prime Real Estate and other stakeholders. The acquisition underscores both investors' strategic focus on India's high-growth industrial real estate sector, particularly assets supporting logistics and e-commerce operations positioned along key industrial corridors in major Indian cities.
This partnership represents a continuation of institutional capital deployment into India's real estate infrastructure, where supply constraints and rising e-commerce penetration have created sustained demand for modern logistics and business park facilities. Waverock's existing operational status and substantial asset base make it an attractive core-plus or stabilized real estate investment, aligning with both GIC's infrastructure mandate and Xander's sectoral expertise in private equity real estate.
The transaction signals confidence among institutional investors in India's industrial real estate fundamentals and demonstrates the viability of cross-border partnerships between Singapore-based investors and India's growth narrative. The involvement of a sovereign wealth fund alongside a specialized private equity real estate manager suggests an institutional view that Indian industrial assets offer attractive risk-adjusted returns within a diversified real estate portfolio.
The 2.4 million square foot industrial property was acquired from a vehicle jointly owned by PIMCO Prime Real Estate and other stakeholders. The acquisition underscores both investors' strategic focus on India's high-growth industrial real estate sector, particularly assets supporting logistics and e-commerce operations positioned along key industrial corridors in major Indian cities.
This partnership represents a continuation of institutional capital deployment into India's real estate infrastructure, where supply constraints and rising e-commerce penetration have created sustained demand for modern logistics and business park facilities. Waverock's existing operational status and substantial asset base make it an attractive core-plus or stabilized real estate investment, aligning with both GIC's infrastructure mandate and Xander's sectoral expertise in private equity real estate.
The transaction signals confidence among institutional investors in India's industrial real estate fundamentals and demonstrates the viability of cross-border partnerships between Singapore-based investors and India's growth narrative. The involvement of a sovereign wealth fund alongside a specialized private equity real estate manager suggests an institutional view that Indian industrial assets offer attractive risk-adjusted returns within a diversified real estate portfolio.
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