As reported by people with firsthand knowledge of the matter, Singapore sovereign wealth fund GIC has purchased an information technology-special economic zone (IT-SEZ) extending across 1.1 million square feet in Hyderabad's Gachibowli neighbourhood from the Phoenix Group for Rs.1,050 crore. Phoenix Aquilla comprises two towers totaling 1.8 million square feet, with the first tower (700,000 square feet) already finished and leased. Both towers are separate and autonomous parks located near to Amazon's operating campus.

GIC entered into a forward purchase agreement in 2021 to purchase the second block with 1.1 million square feet of space, which was then under development and is now finished. This entire IT park was pre-leased to American IT giant Micron Technologies in 2020, in one of the country's largest leasing transactions.

"GIC had paid part of the consideration amount upfront, and the balance has now been paid with the project's handover," one of the above-mentioned individuals stated.

It was reported last week that GIC has emerged as the frontrunner to acquire Allianz and Shapoorji Pallonji Group entity's joint asset, IT special economic zone Waverock, spread across about 2.5 million sq ft in Hyderabad for approximately 2,000 crore. This property is also quite close to the Phoenix Group's IT SEZ.