ICICI Prudential Alts Steps Up Real Estate Play, Acquires Fourth Office Property for ₹520 Crore in Pune
Mumbai, March 6, 2026: ICICI Prudential Asset Management Company is deepening its footprint in the commercial real estate sector with the acquisition of the Aditya Shagun Infinity IT Park in Baner, Pune, for approximately ₹520 crore, sources said .
Transaction Details
The deal for the property, developed by K Raheja Corp and Shagun Developers, was signed in February, the fourth such transaction by ICICI Prudential AMC's ₹2,000 crore-ICICI Prudential Office Yield Optimiser Fund. A category-II alternative investment fund, it aims to capitalize on rental growth in Grade-A commercial spaces with the expansion of global capability centres .
The fund executed the deal through investee firm Prishal Office Parks IV Pvt Ltd .
Property Specifications
According to deal documents reviewed by Moneycontrol, the 380,000 square feet property is located along the Mumbai-Bengaluru highway, a commercial property hub in Pune .
The property's blue-chip tenants include auto major Jaguar Land Rover, technology and consulting giant Accenture, and industrials firm Eaton. The tenants pay an average rent of ₹85 per square foot per month .
The weighted average lease period for tenants is around nine years, with lock-ins ranging from three to five years .
Previous Acquisitions
Earlier, the fund bought three properties in Pune, Mumbai, and Bengaluru for around ₹400 crore. The deal in Pune also included a purchase-and-leaseback arrangement with technology firm WNS Global .
Industry Trend
According to industry observers, fund houses are increasingly turning to outright ownership of Grade-A commercial spaces in prime premium markets in Mumbai, Pune, Bengaluru, Chennai, and Delhi NCR. The move highlights investor preference for long-term and stable returns that fully-leased office spaces provide .
The portfolio being built by ICICI Prudential AMC and other fund houses also provides them a pathway to a real estate investment trust .
Competitive Landscape
360 ONE has been another fund source active in commercial office space purchases, having earlier bought and leased back renewables firm Suzlon's Pune headquarters One Earth for ₹440 crore. It has also picked a 50 percent stake in Brookfield-owned Bluegrass Business Park, an office-and-retail space in Pune for ₹2,400 crore .