ICICI Prudential Asset Management Company has expanded its commercial real estate portfolio with the acquisition of Aditya Shagun Infinity IT Park in Baner, Pune, in a transaction valued at approximately ₹520 crore. The deal was executed through the firm’s ICICI Prudential Office Yield Optimiser Fund, a Category-II alternative investment fund focused on income-generating commercial assets.
The property was acquired from developers K Raheja Corp and Shagun Developers, marking the fourth office property investment under the ₹2,000-crore fund strategy.
Key Details of the Office Property
The commercial asset is located along the Mumbai–Bengaluru Highway in Baner, one of Pune’s established office corridors. The building hosts several multinational tenants across technology, automotive, and consulting sectors.
Property Highlights
The property comprises approximately 3.8 lakh square feet of built-up area and is strategically located in Baner, Pune, a prominent commercial hub along the Mumbai–Bengaluru Highway. The office asset was acquired for ₹520 crore and currently commands an average rental rate of around ₹85 per square foot per month. The building also has a weighted average lease tenure of about nine years, indicating long-term occupancy and stable rental income from its corporate tenants.
The office complex is leased to several multinational companies, including Jaguar Land Rover, Accenture, and Eaton, which contribute to stable occupancy and long-term rental income for the property. These tenants operate in sectors such as automotive engineering, consulting, and industrial technology, reflecting the strong presence of global corporations in Pune’s commercial office market.
Transaction Snapshot
| Parameter | Details |
|---|---|
| Asset Name | Aditya Shagun Infinity IT Park |
| Location | Baner, Pune |
| Deal Value | ₹520 crore |
| Asset Size | ~380,000 sq ft |
| Key Tenants | Jaguar Land Rover, Accenture, Eaton |
| Average Rent | ₹85 per sq ft per month |
| Lease Tenure | ~9 years weighted average |
Strategy Behind Institutional Office Investments
The acquisition forms part of ICICI Prudential’s strategy to build a diversified portfolio of Grade-A income-generating office properties across major Indian cities. Institutional investors are increasingly focusing on fully leased commercial assets due to their stable rental yield and long-term capital appreciation potential.
The growth of Global Capability Centres (GCCs) and multinational corporate operations in India continues to support demand for high-quality office space in cities such as Pune, Bengaluru, Mumbai, and Chennai.
Impact on the Commercial Real Estate Market
Large office property acquisitions by institutional investors highlight sustained confidence in India’s commercial real estate sector. Industry observers note that such investments may:
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Increase liquidity in commercial property markets
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Encourage institutional ownership of office assets
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Support the growth of Real Estate Investment Trust (REIT) portfolios
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Strengthen demand for Grade-A office developments in major cities
With increasing corporate expansion and leasing activity, premium office spaces continue to remain a preferred asset class for long-term investment.
Also Read: Industrial Expansion Triggers Land Demand in Rural Bengaluru
