#360ONEAsset #Brookfield #RealEstateIndia #CommercialRealEstate #Pune #BluegrassBusinessPark #GradeAOffices #MixedUseDevelopment #InstitutionalCapital #UrbanGrowth #InvestmentNews
Chandigarh – In a landmark real estate investment deal, 360 ONE Asset, through its real assets funds, has acquired a 50% stake in Bluegrass Business Park, a Grade-A mixed-use development in Pune, from Brookfield Asset Management’s private real estate fund. The transaction, valued at an enterprise value of approximately INR 2,400 crore ($280 million), marks a significant milestone in India’s commercial real estate sector and strengthens 360 ONE Asset’s presence in institutional-grade properties.
The deal represents a first-of-its-kind partnership between a global institutional investor and an India-focused alternatives fund, underscoring the increasing maturity and global appeal of India’s commercial property market.
A Landmark Asset in Pune
Spread across 7 acres in Kalyani Nagar, Pune, Bluegrass Business Park is regarded as one of the city’s finest office assets. The development includes:
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A one-million-square-foot operational tower that is fully leased to Mastercard, offering long-term rental stability.
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An under-construction office tower that will feature premium-grade office spaces along with street retail, adding a mixed-use dimension to the project.
This combination of operational and under-development assets provides investors with both stable cash flows and growth potential. Brookfield will continue to oversee the management, development, and leasing of the asset, ensuring continuity and leveraging its established track record in India.
Strategic Investment by 360 ONE Asset
For 360 ONE Asset, this acquisition is part of a deliberate strategy to expand its footprint in high-quality, future-ready commercial assets across India’s top-performing urban markets.
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.”
The deal is expected to give 360 ONE Asset’s investors exposure to one of the most sought-after office markets in India while also strengthening the firm’s credibility in managing institutional-grade real estate portfolios.
Brookfield’s Continued Role
Brookfield Asset Management, one of the world’s largest alternative investment managers, has been a major force in India’s real estate sector. With more than 55 million square feet of office space across key Indian cities, Brookfield is among the largest office owners and operators in the country.
Rachit Kothari, Senior Vice President, Real Estate, Brookfield, commented:
“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.”
The partnership also reflects a growing trend of joint ownership structures in India’s real estate sector, where global and domestic investors collaborate to share risks and opportunities while leveraging each other’s expertise.
Significance for the Indian Office Market
The Indian office sector has shown remarkable resilience despite global economic challenges. Cities like Pune, Bengaluru, Hyderabad, and Gurgaon have emerged as major hubs for global capability centers, IT services, and multinational corporations, driving demand for premium office spaces.
Kalyani Nagar, where Bluegrass Business Park is located, has emerged as a prime micro-market in Pune, attracting global tenants due to its connectivity, infrastructure, and strong business ecosystem. With multinational tenants like Mastercard anchoring the project, the asset provides long-term rental stability while also offering upside from the development of the second tower.
This transaction further signals that India’s office sector continues to attract deep institutional capital, supported by robust demand fundamentals and a favorable demographic profile.
Legal Representation
The transaction saw prominent legal firms playing advisory roles:
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Shardul Amarchand Mangaldas represented Brookfield.
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Veritas Legal represented 360 ONE Asset.
Their involvement ensured the deal was structured to international institutional standards, further reinforcing confidence in India’s regulatory and contractual frameworks for large-scale real estate transactions.
Strengthening 360 ONE Asset’s Platform
For 360 ONE Asset, which has been actively scaling its real estate platform, the deal underscores its commitment to institutionally managed real estate opportunities. The firm has been focusing on building a diversified portfolio comprising stable, income-generating assets as well as development-led growth projects.
The investment in Bluegrass Business Park adds significant depth to its portfolio, giving it a mix of yielding office space and development upside, aligning with its strategy of delivering risk-adjusted returns to investors.
Outlook
As India’s urbanization accelerates and its role as a global business hub expands, the demand for Grade-A office and mixed-use developments is expected to grow. Partnerships like the one between 360 ONE Asset and Brookfield will likely serve as a blueprint for future deals, where domestic alternative asset managers collaborate with global giants to scale portfolios and unlock new opportunities.
With the Indian office sector already witnessing record leasing activity and strong absorption levels, the Pune acquisition comes at an opportune time. For investors, it signals continued confidence in India’s commercial real estate story, which remains among the most attractive in the Asia-Pacific region.
Key Highlights of the Transaction
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Transaction Value: Approx. INR 2,400 crore ($280 million)
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Asset: Bluegrass Business Park, Kalyani Nagar, Pune
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Size: 2 million sq. ft. Grade-A office development
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Current Status: One operational tower leased to Mastercard; second tower under construction with retail component
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Partnership Structure: 50:50 between 360 ONE Asset and Brookfield
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Brookfield’s India Portfolio: Over 55 million sq. ft. of office assets
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