ICICI Prudential AMC buys an office tower worth Rs 3.15 Bn

03 Jul 2024 CW Team

The real estate developer Kalpataru's affiliate, Ixora Properties, has sold the complete commercial tower in Santacruz, a western suburb of Mumbai, to ICICI Prudential Asset Management Company for a sum exceeding Rs 3.15 billion. The asset management company's new headquarters are most likely to be located in the recently purchased tower, which is situated on a third of an acre.

The office building, one of Kalpataru Infinia's towers, has a carpet area of more than 60,000 square feet and is a 12-story skyscraper with three basements. With nearly 120,000 square feet of office space, the project's other tower is presently being built. The transaction is significant given the current trend of leasing office property rather than purchasing it altogether.

For the registration of the transaction that happened on June 27, the asset management business had to pay stamp duty of more than Rs 0.18 billion, according to papers accessible through FloorTap.com, a commercial real estate marketplace. The asset management firm intends to move its corporate headquarters from the Bandra-Kurla Complex to this recently acquired office space. According to a source familiar with the situation, the firm plans to move into this new office by the end of the year, and the fit-out work is anticipated to start soon.

As of June's end, the average assets under management of India's second-largest asset management business were Rs 8.03 trillion. Five minutes' drive from the company's current headquarters in the Bandra-Kurla Complex, the commercial skyscraper boasts.

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