The Singapore-based GIC has acquired 1.1 million Sft tower at a cost of Rs 1050 crore from the Phoenix Group in Gachibowli area of Hyderabad to meet its office needs. The Phoenix Aquila project has two towers having a total plinth area of 1.8 million Sft. The first tower with a plinth area of 7 lakh Sft has been sold and was also given on lease. Both the towers are located close to the Amazon Operational Campus.
GIC has entered into an agreement of sale for purchase of the second tower with a total plinth area of 1.1 million Sft way back in 2021. Currently, the sale has been closed. The whole of the IT Park has been leased out to US IT major Micron Technologies in 2020. The lease is described as one of the biggest in the nation.
