Mumbai: An investment platform co-owned by debt-laden Shapoorji Pallonji Gru has sold its stake in a Hyderabad commercial real estate project for Rs 2,20 crore, sources said on Wednesday.

Singapore's GIC is said to have bought stake in TSI Business Park (Hyderabad) Pvt Ltd, sources said.

SPREF II, the investment platform owned by Shapoorji Pallonji Group and German insurer Allianz, acquired a controlling stake in TSIBPH in December 2019.

According to a statement, TSIBPH owns Waverock, an IT Special Economic Zone in Gachibowli, Hyderba, with a gross leasable area of ​​about 2.4 million square feet.

"The securities held by SPREF II in TSIBPH have been purchased by a joint venture of global institutional investors, marking one of the largest transactions in Indian real estate in FY 2024-25," the statement said.

However, the amount of money flowing into SP Group was not immediately clear as its stake in investment platform SPREF II could not be traced.

“This transaction underlines the inherent attractiveness of the Indian real estate market,” said Rajes Agarwal, chief executive of Shapoorji Pallonji Investment Advisors.