The multi-phase deal at Phoenix Trivium values the property owned by Hyderabad realtor Phoenix Group at Rs 450 crore, said two persons close to the transaction.
“Of the total development in the IT corridor of the city, the developer has already completed the first phase of the project, and this phase has already been fully leased to a leading software company,” said one of the persons cited above. Ambar Maheshwari, CEO – PE Funds, Indiabulls AMC confirmed the transaction without giving details of the deal.
“We firmly believe that investing in commercial properties possesses a strong and sustainable growth perspective. An IT hub and one of the country’s top seven cities, Hyderabad is witnessing a strong momentum in office space, majorly driven by demand from high-quality tenants,” Maheshwari told ET.