Edelweiss Fund Acquires Bengaluru's MMTP Projects for Rs 1,500 Cr
By Rediff Money Desk, MUMBAI Apr 25, 2024 20:45
Edelweiss Alternatives' fund acquires Bengaluru's MMTP Projects for Rs 1,500 crore, adding to its real estate portfolio and boosting its assets to over Rs 2,500 crore.
![Edelweiss Fund Acquires Bengaluru's MMTP Projects for Rs 1,500 Cr](https://im.rediff.com/money/2022/mar/19office.jpg)
Photograph: Kind courtesy Cadeau Maestro from Pexels
Mumbai, Apr 25 (PTI) Edelweiss Alternatives on Thursday said a fund managed by it has acquired Bengaluru's MMTP Projects for Rs 1,500 crore.
The company owns an asset of 1.1 million square feet of gross leasable area in MFAR Manyata Tech Park, Bengaluru, and the acquisition has been done by Rental Yield Plus Fund, as per a statement.
The park houses office spaces for companies from various sectors like manufacturing, BFSI, lifestyle, consumer goods, auto, technology, flex space, and consulting.
The assets for the fund have surged to over Rs 2,500 crore with the recently completed acquisition, it said, adding that the overall gross leasable area (GLA) has crossed 1.8 msf in Bengaluru and Gurugram.
"We are seeing strong appetite from global institutional investors, domestic institutional investors, UHNIs and family offices for investments in Commercial Office Assets in India," Edelweiss Alternatives' head of real assets strategy Subahoo Chordia said.
Chordia added that he expects the Grade A/A+ office stock in India to cross 1 billion square feet over the next few years.
The MMTP PPL acquisition is a significant milestone for our RYP fund, as the asset has a proven track record of marquee tenants, high occupancy, and strong rent growth, the fund's MD Gautam Hora said.
The company owns an asset of 1.1 million square feet of gross leasable area in MFAR Manyata Tech Park, Bengaluru, and the acquisition has been done by Rental Yield Plus Fund, as per a statement.
The park houses office spaces for companies from various sectors like manufacturing, BFSI, lifestyle, consumer goods, auto, technology, flex space, and consulting.
The assets for the fund have surged to over Rs 2,500 crore with the recently completed acquisition, it said, adding that the overall gross leasable area (GLA) has crossed 1.8 msf in Bengaluru and Gurugram.
"We are seeing strong appetite from global institutional investors, domestic institutional investors, UHNIs and family offices for investments in Commercial Office Assets in India," Edelweiss Alternatives' head of real assets strategy Subahoo Chordia said.
Chordia added that he expects the Grade A/A+ office stock in India to cross 1 billion square feet over the next few years.
The MMTP PPL acquisition is a significant milestone for our RYP fund, as the asset has a proven track record of marquee tenants, high occupancy, and strong rent growth, the fund's MD Gautam Hora said.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...