ICICI Prudential AIF Acquires Pune IT Park to Expand Commercial Office Portfolio

ICICI Prudential Asset Management's alternative investment fund has acquired a 388,000 sq ft grade-A office asset in Pune's Aditya Shagun Infinity IT Park for approximately Rs 520 crore. The property, leased to tenants like Eaton Corporation, Accenture, and Jaguar Land Rover, offers long-term rental visibility with a weighted average lease tenure of nearly nine years and annual rent escalation of about 4.7%. The Rs 2,000-crore fund aims to build a portfolio of stabilized commercial office properties, targeting investor returns of 15-16% through rental income and asset appreciation, while enabling smaller investors to access prime office assets with lower capital commitments.