IT-SEZ in Hyderabad gets ₹1,150-cr funding infusion

Varde Partners has invested over ₹1,150 crore in Hyderabad-based Phoenix Group's two upcoming information technology special economic zone (IT-SEZ) projects in Gachibowli. Both the projects, with a total 3 million sq ft development are located in Gachibowli financial district and are situated within a half a km radius. The construction work in the projects is currently in full swing. Phoenix Centaurus is a tower spread over 2 million sq ft across 17 large office floors adjacent to Microsoft's operational campus in the city, while Phoenix Aquilla will have a total 1 million sq ft development next to Amazon's operational campus. The global investment flowing into these under development SEZ projects indicates the resilience and strong confidence shown by international investors in the Indian office market. Prior to this, Phoenix Group has entered into a partnership with global entities such as CapitaLand, Xander and Lake Shore for its other projects. The total development of 3 million sq ft in both these IT parks is pre-committed to tenants like ZF Technologies and Micron Technologies.