MUMBAI: ICICI Prudential Alternatives has purchased two Grade A office properties from the RMZ Group in Bengaluru and Pune for approximately ₹2,600 crore, thereby enhancing its portfolio in income-generating commercial real estate.
The acquisition was made through the ICICI Prudential Office Yield Optimiser Fund, a ₹2,500 crore initiative targeting completed and pre-leased office spaces in major Indian markets.
The Bengaluru property, EcoWorld 21, is situated on the Outer Ring Road, the largest office micro-market in the country and a center for global capability centers (GCCs). This facility encompasses around 675,000 sq ft, leased to a variety of multinational companies with lease durations ranging from 5 to 9 years. Rental rates at the EcoWorld campus are between ₹125 and ₹140 per sq ft per month, surpassing the micro-market average due to superior amenities and sustainability features.
The second property, RMZ Edge in Pune, covers approximately 622,000 sq ft and is located in Koregaon Park, a prominent commercial and residential area. The property enjoys close proximity to the Pune Metro and established social infrastructure, with rental prices in this micro-market estimated at ₹110 to ₹115 per sq ft per month, attracting multiple global tenants.
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