Wealth and asset management firm 360 ONE Asset has acquired a 50 per cent stake in the Bluegrass Business Park at Kalyani Nagar, Pune, from Brookfield Asset Management’s private real estate funds for Rs 24 billion. The deal was executed through 360 ONE’s real asset funds.

Spread across seven acres off Pune-Ahmednagar Road, the property houses an operational one-million sq ft tower leased to Mastercard, while a second tower with a street retail component is under construction.

Brookfield will continue to manage, develop and lease the asset. Both firms described the deal as a “first-of-its-kind partnership” between a global institutional investor and an India-focused alternatives fund.

“This acquisition reflects our strategy of investing in high-quality, future-ready real estate assets across core urban markets. We are excited to partner with Brookfield, a leading player with a strong track record in India, and add long-term value to the asset,” said Niraj Murarka, chief investment officer, real assets, 360 ONE Asset.

The acquisition strengthens Brookfield’s India portfolio, which includes 55 million sq. ft. of office space along with retail assets.

“We are pleased to further expand our strategic association with 360 ONE Asset. This transaction is a testament to investor confidence in the India office sector and reaffirms the quality of the portfolio we have built in the country,” said Rachit Kothari, senior vice president, real estate, Brookfield.

Shardul Amarchand Mangaldas acted as Brookfield’s legal counsel, while Veritas Legal advised 360 ONE on the transaction.

News source: Money Control