ICICI Prudential AIF Acquires Aditya Shagun Infinity IT Park in Pune from K Raheja Corp and Shagun Developers for ₹520 Crore
ICICI Prudential Acquires Aditya Shagun Infinity IT Park for ₹520 Crore
ICICI Prudential Asset Management Company has acquired Aditya Shagun Infinity IT Park in Baner, Pune, through its ICICI Prudential Office Yield Optimiser Fund – a Category-II alternative investment fund focused on income-generating commercial assets – for approximately ₹520 crore. The property was acquired from developers K Raheja Corp and Shagun Developers, marking the fourth office property investment under the ₹2,000-crore fund strategy.
Asset Profile and Tenant Base
The property comprises approximately 3.8 lakh square feet of built-up area and is strategically located in Baner, Pune, a prominent commercial hub along the Mumbai–Bengaluru Highway. The building hosts several multinational tenants across technology, automotive, and consulting sectors. Tenants include Jaguar Land Rover and Accenture.
Location and Market Context
The commercial asset is located along the Mumbai–Bengaluru Highway in Baner, one of Pune's established office corridors. The Aditya Shagun Infinity IT Park is a joint development between Aditya Shagun Developers and K Raheja Corp.
Baner has undergone a significant transformation over the past decade. Originally a quiet suburb, it has developed into a bustling area with a mix of residential, commercial, and IT spaces. Its proximity to key areas like Hinjewadi, Aundh, and the Mumbai-Pune Expressway makes Baner a strategic location for businesses. Baner's real estate premium is substantially driven by its proximity to Hinjewadi — Pune's largest IT park. Rajiv Gandhi Infotech Park in Hinjewadi is just 8 km from Baner, a commute that takes 15–20 minutes on most mornings.
K Raheja Corp's Commercial Real Estate Presence
K Raheja Corp is a property developer in India with interests in commercial and residential projects, malls and hospitality across multiple cities in the country. It owns the brands Mindspace and Commerzone, and is the second largest commercial developer in India. K Raheja Corp operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune and Chennai.
The REIT owns a quality office portfolio located in four key office markets of India – Mumbai Region, Hyderabad, Pune, and Chennai. It has a total leasable area of 33.1 mn. sq. ft., with community-based ecosystems that are branded - Mindspace Business Parks, Commerzone and The Square. The commercial offerings stand today as a partner of choice for 210+ domestic and foreign multinationals.
About the Investor and Fund Strategy
ICICI Prudential Office Yield Optimiser Fund II is a Category II AIF that focuses on pre-leased, income-generating commercial real estate assets in India's top business hubs. The acquisition of Infinity IT Park reflects the fund's broader strategy of targeting fully leased, stabilised Grade-A office assets across India's major commercial centres.