Private Equity

PE-RE Fund Investments

ICICI Prudential AMC acquires Vios Tower office in Mumbai’s Wadala for Rs.525-Cr

Economic Times  

ICICI Prudential Asset Management Company, via ICICI Prudential Office Yield Optimiser Fund II. has acquired nine floors of the Vios Tower (previously known as Lodha Excelus) in the Wadala locality of central Mumbai from Varde Partners for over INR 525 crore.The fully leased property comprises over 3 lakh sq ft of office space, spanning from the ground floor to the 8th floor of the 29-storey tower. The fund expects an annual yield of over 8% from this acquisition, which marks the seventh commercial asset acquired by the fund in recent months.The office tower was originally built in 2018 as part of a 22-acre mixed-use development. Post transaction, the operation and maintenance of the tower will be managed by NCP Commercial, a company now fully owned by ICICI Prudential AMC.

In Sep-19, realtor Lodha Group sold its 29-storey office building in Wadala in Central Mumbai for INR 1,350 crore. The 8 lakh sq ft commercial tower on the Sewri-Chembur link road near Bhakti Park was partly purchased by Trent Tesco , for INR 250 crore. The residual part was acquired by the Singapore-based Varde Partners for INR 1,100 crore. The then tenants included Tata Chemicals, Trent, GMM Pfaudler and others.