Varde funds $155 million for two office developments in Hyderabad

Varde Partners, a leading global alternative investment firm, has provided senior construction financing on two pre-leased office assets in the Gachibowli Financial District of Hyderabad.
The $155 million facility will be used to refinance and fund to completion over 2.5 million square feet across the two Grade A developments owned by Phoenix Group. To date, over 1.5 million square feet has been pre-let to two multi-national companies, reflecting the quality and location of the assets. Construction of both projects is well-advanced, with sub-structure development complete and super-structure phases underway.
We see significant opportunity across the Indian office market for both the financing and purchase of assets, in a market that offers potential strong cash-flow visibility, multinational tenants and strong absorption, said Tim Mooney, partner and global head of real estate at Värde Partners. India is a dramatic example, but emblematic of what we're seeing across the Asia Pacific region, and across the globe. We believe that a real estate cycle is upon us and while not nearly as pronounced as the cycle brought on by the global financial crisis, the opportunity set is significant and growing.