Apex Fund Service acquires 53,592 sq ft office space in Pune

15 May 2023 CW Team

A news agency reported that a US-based fund management company, Apex Fund Service LLP, has acquired more than 53,592 sq ft office space in Pune's Viman Nagar from Panchshil Realty, a property developer. The office space is located on the 7th floor of Panchshil Business Park's Tower A, and the lease period is five years with a lock-in period spanning the entire tenure.

The registration documents accessed by the news agency revealed that Apex Fund Service will pay monthly rentals of Rs 107 per sq ft for the office space, with a provision to increase rentals by 15 per cent after the first three years. The company has paid a security deposit of Rs 15 million for the transaction and will also receive access to a total of 49 car parking and 82 two-wheeler parking slots on payment of specific parking charges.

According to property consultants, the demand for commercial real estate spaces in Pune has mainly been driven by manufacturing sector companies, banks, and financial institutions. While manufacturing companies prefer West Pune or CBD localities due to proximity to the manufacturing hubs Chakan and Bhosari, financial sector companies and banks are more inclined towards East Pune, said Rounak J of Rounak Real Estate Consultants, who acted as the transaction advisor.

The news agency's email queries to Apex Fund Services and Panchshil Realty have not been answered yet. The commercial office segment, which was significantly impacted by the pandemic, has made a comeback in the last three-four quarters, supported by strong economic growth, increased hiring, and a return to the office trend.

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