Singapore-based Keppel plans to sell its One Paramount office park in Porur, Chennai, to Prime Offices Fund, managed by Nuvama Asset Management and Cushman & Wakefield (NCW), for approximately ₹2,750 crore, according to sources familiar with the issue.
This development highlights the growing investor interest in India’s expanding office market.
One Paramount spans 2.4 million square feet and is a Grade-A tech park hosting global tenants like Genpact, Maersk, UPS, VMware, and Hitachi Energy. The property is part of a 12.6-acre development.
“The transaction not only showcases the asset’s institutional quality and high occupancy rates but also empowers the buyer to secure impressive rental yields estimated at around 7–7.5%, significantly above typical market averages,” noted an anonymous source.
Queries directed to XX remained unanswered by press time.
In mid-2024, Keppel, a global asset manager based in Singapore, acquired One Paramount tech park in Chennai for about ₹2,100 crore. Previously, the prime office asset was co-owned by RMZ Corporation and Canadian pension fund CPP Investments.
The recent Chennai purchase follows Prime Offices Fund’s acquisition of Prius Platinum in Saket District Centre, Delhi, built over 300,000 sq ft, for approximately ₹750 crore, along with another asset in Saket measuring 300,000 sq ft for about ₹760 crore.
“Both properties are nearly fully leased and have undergone ESG (environmental, social, and governance) upgrades, providing reliable income streams and marking the fund’s expansion into multiple cities,” stated another insider.
Prime Offices Fund is a 50:50 venture between Nuvama Asset Management and Cushman & Wakefield India, focusing on premium office real estate across Mumbai, Bengaluru, the National Capital Region, Pune, Chennai, and Hyderabad. The fund successfully raised ₹1,700 crore during its first closing in January, with plans to increase this to ₹3,000 crore soon, potentially leveraging up to ₹6,000 crore in investments using debt facilities. The strategy focuses on acquiring office assets with strong rental yields and capital appreciation prospects.
In 2021, RMZ and CPP Investments established a joint venture to develop 10.4 million sq ft of commercial office space in Chennai and Hyderabad. Upon completion, the total projected value of these assets, including RMZ Paramount, RMZ Nexity, and RMZ Spire in Hyderabad, was expected to surpass $1.5 billion.
Chennai’s office market is ripe for such deals, with leasing activity surging to over 76 million sq ft by mid-2024, compared to less than 1 million sq ft in the late 1990s. In 2023, gross absorption reached 10.5 million sq ft, while the first half of 2025 alone saw 5.5 million sq ft leased, a 57% year-on-year increase.
Demand is expanding into emerging hubs such as Radial Road, Tambaram, Ambattur, and Madhavaram, beyond traditional areas like Old Mahabalipuram Road, driven by improving infrastructure. Strong demand is evident from sectors including IT firms, global capability centers, banking, finance, insurance, and life sciences, which reported a 60% leasing growth in 2024, according to industry data.
