Allianz Real Estate teamed up with Shapoorji Pallonji Group for the US$250 million acquisition of the WaveRock office complex in Hyderabad, India.

The transaction involves the transfer to the pair's SPREF II Pte. Ltd. of all the securities of TSI Business Parks (Hyderabad) Pvt. Ltd., which owns the four-building special economic zone development.

WaveRock has a total leasable area of approximately 2.4 million square feet and is fully leased to tenants including Apple, TCS, Accenture, DBS and GAP IT.