360 ONE asset acquires 50% stake from Brookfield in Pune mixed-use project for Rs 2,400 cr

Wealth and asset management firm 360 ONE Asset has announced that it has acquired a 50 percent stake from Brookfield Asset Management's private real estate funds in the Bluegrass Business Park office-and-retail development in Kalyani Nagar, Pune, for a consideration of Rs 2,400 crore. 360 ONE Asset conducted the transaction through its real asset funds.

The property, situated on a seven acre land parcel off the Pune-Ahmednagar Road, has one operational tower sized one million square feet, which is leased to payments giant Mastercard. The other tower at the project remains under construction, and is slated to include a street retail component as well.

Brookfield will continue to manage, develop, and lease the asset, 360 ONE and Brookfield said in a statement. They added that this is a "first-of-its-kind partnership" between a global institutional investor and an India-focused alternatives fund.

"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," said Niraj Murarka, chief investment officer, real assets, 360 ONE Asset.