[FINANCIAL] Indian Real Estate ·
Commercial Office · Institutional RE Fund —
CLOSED March 2026
ICICI Prudential AMC Acquires Pune's Aditya
Shagun Infinity IT Park for Rs 520 Crore (~$61M) — 4th Deal for Its Office Fund
India's largest asset manager deploys its Office Yield Optimiser
Fund into a premium Grade-A tech park in Baner, Pune — home to Jaguar Land
Rover, Accenture, and other multinational tenants — in what is becoming a
systematic strategy to build an institutional commercial real estate portfolio
across India's fastest-growing tech office markets.
DEAL SNAPSHOT
|
DEAL VALUE Rs 520 Crore (~$61M USD) |
SIZE ~380,000 sq ft of
Grade-A office space |
|
CLOSED March 2026 |
SELLER K Raheja Corp + Shagun
Developers (JV) |
|
PROPERTY Aditya Shagun Infinity
IT Park, Baner, Pune |
ACQUIRER FUND ICICI Prudential Office
Yield Optimiser Fund |
THE PARTIES
|
ACQUIRER / LEAD INVESTOR ICICI Prudential Asset
Management Company Limited Mumbai-based
asset manager and JV between ICICI Bank (India's largest private bank) and
Prudential Corporation Holdings (UK). Manages ~Rs 10 trillion ($120B+) across
mutual funds, ETFs, and alternative investment funds. The Rs 2,000 crore
($240M) Office Yield Optimiser Fund is its dedicated commercial real estate
vehicle, targeting income-generating Grade-A office assets in India's Tier-1
tech markets (Bengaluru, Hyderabad, Pune, NCR, Mumbai). Aditya Shagun
Infinity IT Park is the Fund's fourth acquisition. |
SELLER K Raheja Corp + Shagun
Developers (JV) The property
was held by a joint venture between K Raheja Corp (Mumbai-based real estate
developer, one of India's largest) and Shagun Developers. K Raheja Corp is
best known for developing the Mindspace business parks REIT portfolio and
luxury residential projects. The Pune JV developed and operated the Aditya
Shagun Infinity IT Park in Baner — one of Pune's premium IT office submarkets
adjacent to Balewadi and Hinjewadi IT corridors. |
DEAL OVERVIEW
ICICI Prudential
Asset Management Company's Office Yield Optimiser Fund acquired the Aditya
Shagun Infinity IT Park in Baner, Pune for approximately Rs 520 crore
(approximately $61 million at prevailing exchange rates) from a joint venture
of K Raheja Corp and Shagun Developers. The property is a ~380,000 square foot
Grade-A IT park that houses multinational tenants including Jaguar Land Rover
and Accenture.
This transaction
marks the fourth acquisition by ICICI Prudential's Office Yield Optimiser Fund,
which was launched with a Rs 2,000 crore target corpus. The fund's strategy is
straightforward: acquire fully leased or near-fully leased Grade-A office properties
in India's major tech markets, collect stable rental income, and deliver
yield-oriented returns to fund investors — a strategy analogous to non-listed
office REITs in other markets.
"This acquisition reflects our confidence in Pune's commercial
real estate fundamentals, particularly in established IT submarkets like Baner
where occupancy and rental growth trends remain supportive for long-term
investors."
— ICICI
Prudential AMC
INDIA COMMERCIAL REAL ESTATE CONTEXT
Pune is India's
fourth-largest IT office market, with approximately 55-60 million square feet
of office space. Baner is a premium submarket within Pune, favored by
multinational IT and consulting firms for its connectivity to Hinjewadi (Pune's
main IT corridor) and proximity to the Mumbai-Pune Expressway. Grade-A office
vacancy in Pune was approximately 12-14% in Q1 2026, with rental growth of 6-8%
year-on-year, making it one of India's most supply-constrained major office
markets.
Indian
institutional real estate investment has been growing rapidly since the
successful listing of Embassy Office Parks REIT (2019) and Mindspace Business
Parks REIT (2020) established the commercial real estate asset class for
domestic institutional investors. ICICI Prudential's Office Yield Optimiser
Fund represents the next layer of this maturation — pre-REIT aggregation
vehicles that assemble portfolios ahead of eventual REIT listing or
institutional sale.
ADVISORS
No financial
advisors were disclosed for either party in this transaction. Real estate
transactions in India of this size are typically handled directly between
institutional buyers and property developers with legal counsel.