CPPIB pips Shapoorji-Allianz, InterGlobe for Hyderabad business park

CPPIB has been stepping up presence in Indian real estate in the past couple of years

Canada's largest pension fund manager, Canada Pension Plan Investment Board (CPPIB) in Hyderabad has pipped Rahul Bhatia’s InterGlobe Real Estate and a Shapoorji Pallonji-Allianz combine to emerge as the highest bidder to buy a business park, owned by Singaporean Sovereign fund GIC and Tishman Speyer of the United States.

The deal is estimated at Rs 19 billion. Earlier reports said InterGlobe bid Rs 18 billion. That of Shapoorji-Allianz is not known the 2.3 million square feet WaveRock is based in Hyderabad’s Gachibowli financial district. The owners were expecting Rs 20 billion from the sale, reports said earlier.

Office space in WaveRock is