Private Equity

PE-RE Fund Investments

ICICI Prudential AIF acquires Pune IT park asset for Rs.520-Cr

Economic Times  

ICICI Prudential Office Yield Optimiser Fund-Series II, an INR 2,000-crore category II alternative investment fund managed by ICICI Prudential Asset Management Company, has acquired approximately 388,000 sq ft in Aditya Shagun Infinity IT Park in Baner, Pune for INR 520 crore.The asset is a grade-A office property developed by K Raheja Group and Shagun Developers, leased to tenants including Eaton Corporation, Accenture, and Jaguar Land Rover, with an effective annual rent escalation of approximately 4.7% and a weighted average lease tenure of nearly nine years.Previously, the fund acquired about 172,000 sq ft at Cybercity IT Park in Magarpatta, Pune, for an enterprise value of approximately INR 194 crore. The fund has also invested in office assets in Mumbai, including iThink Techno Campus, and in Bengaluru, including a property at Centennial IT campus.