EAAA Alternatives, the alternative asset management arm of Edelweiss Group, today announced the acquisition of a Pune office space through its flagship commercial real estate fund, Rental Yield Plus (RYP).
The acquisition marks RYP's fifth investment and the first in Maharashtra, the firm said in a statement. The fund's earlier acquisitions were Phase 1 of International Tech Park Gurgaon (ITPG), acquired from GIC and CapitaLand; MFAR Manyata Greenheart Tech Park, Bengaluru from MFAR; Embassy Office Parks and SP Infocity.
The latest acquisition comprises approximately 1 million sq. ft. of gross leasable area in one of Pune's "established office corridors" and houses 95% marquee tenants, the firm said in a statement. The RYP fund value has now expanded to 5.2 million sq. ft.
EAAA Alts did not disclose the name of the asset or the deal value but said it provides “immediate stable income visibility while offering further value creation opportunities through leasing initiatives, operational improvements and rental optimisation".
EAAA operates mainly two business verticals–real assets and private credit. Its private credit vertical primarily invests via debt or convertible debt instruments. The real asset vertical makes investments via a mix of equity, quasi-equity and debt instruments.
The firm has assets under management (AUM) of Rs 72,706 crore.
The real asset vertical has so far generated only three full exits, while a total of 36 investments have been made, as per the latest data available, barring the one announced today.
Meanwhile, EAAA Alternatives recently received approval from the Securities and Exchange Board of India (SEBI) for its initial public offer that comprises an offer for sale of up to Rs 1,500 crore (around $159 million) by Edelweiss Securities and Investments–a wholly-owned subsidiary of the Edelweiss group.
