Pune Real Estate Deal: 360 ONE Asset Acquires 50% Stake in Bluegrass Business Park for ₹2,400 Cr

360 ONE Asset has acquired a 50% stake in Brookfield's Bluegrass Business Park in Pune for ₹2,400 crore (USD 280 million). The 2 million sq ft premium office development is fully leased to Mastercard and features a 1 million sq ft operational tower and an under-construction tower. Brookfield will continue to manage and lease the asset. The deal highlights 360 ONE Asset's strategy to invest in high-quality commercial assets across major urban markets.

360 ONE Asset has acquired a 50% stake in Brookfield's Bluegrass Business Park in Pune for ₹2,400 crore (USD 280 million). The 2 million sq ft premium office development is fully leased to Mastercard and features a 1 million sq ft operational tower and an under-construction tower. Brookfield will continue to manage and lease the asset. The deal highlights 360 ONE Asset's strategy to invest in high-quality commercial assets across major urban markets.

Brookfield Asset Management, a global alternate investment firm, has sold the stake to 360 ONE Asset's real assets funds. The Grade-A office development, located in Pune's Kalyani Nagar, spans 2 million sq ft and includes an operational tower leased to Mastercard and another under construction. The 7-acre campus also features street retail. Brookfield will continue to manage, develop, and lease the property.

The acquisition marks 360 ONE Asset's first partnership with a global institutional investor in real estate. The alternatives manager has been expanding its exposure to large office portfolios across key Indian markets, combining operating assets with development-led opportunities. The firm aims to create a balanced portfolio combining income-yielding assets with development-led growth opportunities.

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 look forward to partner with Brookfield, which has a strong track record in India, and add long-term value to the asset."

Rachit Kothari, Senior Vice President, Real Estate, Brookfield, said, "We continue 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 deal indicates growing appetite among institutional investors for Indian office property markets, with stable demand from global occupiers and steady rental growth in key cities including Mumbai, Bengaluru, Pune, Hyderabad, and the National Capital Region. Brookfield is one of the largest office owners and operators in India, with more than 55 million sq ft across key markets.

For 360 ONE Asset, the Bluegrass acquisition adds scale to its real assets platform, which focuses on institutionally managed opportunities. The firm has been raising capital to invest in commercial and mixed-use assets in top-performing cities. It is India's largest wealth and asset management firm, with around $78 billion in assets under management (AUM). Through its wholly owned subsidiary, 360 ONE Asset, the firm has built one of India’s largest alternative asset management platforms, managing $6 billion AUM as of June end.

Shardul Amarchand Mangaldas advised Brookfield on the transaction, while Veritas Legal represented 360 ONE Asset.

References:
[1] https://economictimes.indiatimes.com/industry/services/property-/-cstruction/brookfield-sells-50-stake-in-2400-cr-pune-office-project-to-360-one/articleshow/123500877.cms
[2] https://www.business-standard.com/industry/news/360-one-asset-acquires-50-stake-in-brookfield-mixed-use-development-125082500883_1.html