Edelweiss' EAAA adds Pune office park to commercial realty portfolio

The acquisition through Edelweiss Alternatives' Rental Yield Plus fund expands its commercial office portfolio to 5.2 million sq ft across Bengaluru, Gurugram and Pune

EAAA, the alternatives arm of financial services conglomerate Edelweiss, through its commercial real estate fund Rental Yield Plus (RYP), has announced the acquisition of a Grade A office park in Pune spanning approximately 1 million square feet (msf) of gross leasable area.

 

The acquisition expands RYP's portfolio to 5.2 msf, including approximately 1 msf under binding contracts in Pune.

 

RYP has a presence across Bengaluru, Gurugram and now Pune. The fund continues to focus on high-quality, institutional-grade office assets that deliver stable income, yield and long-term value creation through active asset management, EAAA said in a statement issued on Tuesday.

 

 

The Pune asset is RYP's fifth investment overall and its first in Maharashtra. The asset is 95 per cent occupied. EAAA said that, located in one of Pune's established office corridors, the asset provides immediate stable income visibility while offering further value creation opportunities through leasing initiatives, operational improvements and rental optimisation beyond contractual escalations.

 

EAAA did not disclose the acquisition cost.

 

Since its first close in 2023, RYP has followed a differentiated investment approach focused on acquiring high-quality, operational Grade A and Grade A+ institutional office assets in established markets with strong leasing fundamentals, according to EAAA.

 

"RYP focuses on assets leased to marquee tenants under long-term agreements, with the potential to generate attractive yield and income, while using technology-enabled analytics to enhance asset performance and create long-term value," EAAA said.

 

The Pune acquisition builds on RYP's earlier investments, including Phase 1 of International Tech Park Gurgaon (ITPG), acquired from GIC and CapitaLand, MFAR Manyata Greenheart Tech Park in Bengaluru, Embassy Office Parks and SP Infocity.

 

Additionally, with assets under management (AUM) of Rs 72,706 crore, EAAA aims to provide income and yield solutions to its global and domestic investor base through its key business verticals, including real assets and private credit.