360 ONE Asset, through its real assets funds, has acquired a 50% stake in Bluegrass Business Park from Brookfield Asset Management’s private real estate fund (Brookfield).
The asset, which is a 2 million square feet office development in Kalyani Nagar, Pune, was acquired for an enterprise value of approximately ₹2,400 crores ($280 million).
Spread over 7 acres, Bluegrass Business Park is one of the best office assets in Pune. It comprises a one-million-square-foot operational tower leased to Mastercard and an under-construction office tower with street retail. Brookfield will continue to oversee the management, development, and leasing of the asset.
Brookfield is one of the largest office owners and operators in India with over 55 million square feet across key office markets in India.
Niraj Murarka, Chief Investment Officer, Real Assets, 360 ONE Asset, said, “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.”
Rachit Kothari, Senior Vice President, Real Estate, Brookfield, said, “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’ve built in the country.”
