Singapore sovereign wealth fund GIC has acquired an information technology-special economic zone (IT-SEZ) spread over 1.1 million sq ft in Hyderabad’s Gachibowli locality from the Phoenix Group for ₹1,050 crore.
The entire development, Phoenix Aquilla, has two towers spread over 1.8 million sq ft, and the first tower with 700,000 sq ft has already been completed and leased. Both 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 million 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.