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Global investors including Canadian pension fund CPPIB, Singaporean sovereign fund GIC, and another Singapore firm Mapletree, have bid for Waverock, a 2.4 million square foot office complex in Hyderabad. The complex is owned by SPREF II, a joint venture (JV) of Shapoorji Pallonji Investment Advisors (SPIA) and Allianz Real Estate, an arm of German insurer Allianz group. Reports say that though the JV partners tried to sell the asset early this year, the sale did not go through owing to a mismatch in expectations of the seller and buyer. Now, they are expecting a cap rate of 7.5%, one report said citing sources. Cap rate is the ratio between the annual rental income produced by a real estate asset to its current market value. It is used to asses profitability and returns from investments. SPREF II bought the property in 2019 from a JV of Singapore sovereign wealth fund GIC and US-based developer Tishman Speyer for $250 million (about Rs 17.80 billion). Completed in 2017, Waverock comprises four office towers with a total leasable area of 2.4 million sq ft located in the Gachibowli financial district, a high-growth IT hub of the city. High-profile lessees include Apple, Tata Consultancy Services and Accenture. None of the parties contacted was prepared to comment on the matter. See also: Sanskar 亚博体育官网首页s buys south Delhi property for Rs 710 millionNagpur development body's layouts to get provisional nod