360 ONE Asset Expands with Major Stake in Bluegrass Business Park

360 ONE Asset has acquired a 50% stake in Bluegrass Business Park, Pune, from Brookfield Asset Management's private real estate fund, valued at Rs 2,400 crore. The park includes a leased one-million-square-foot tower and an under-construction office with retail spaces. Brookfield remains in charge of management and leasing.

In a significant real estate transaction, 360 ONE Asset has purchased a 50 percent share in Pune's Bluegrass Business Park from Brookfield Asset Management's private real estate fund. The deal, with an enterprise value of Rs 2,400 crore, underscores growing investor confidence in India's office market.

Covering an area of 7 acres, Bluegrass Business Park comprises an operational one-million-square-foot tower leased to Mastercard and an additional office tower currently under construction. Brookfield will continue managing and developing the property, maintaining its influence in the booming office sector.

Niraj Murarka of 360 ONE Asset emphasized the strategic importance of investing in high-quality urban real estate. Meanwhile, Brookfield's Rachit Kothari noted the transaction as a vote of confidence in India's steadily growing office market.

(With inputs from agencies.)