ICICI Prudential AMC Acquires Office Tower in Kalpataru Infinia, Santacruz, Mumbai for INR 315 Cr

ICICI Prudential Asset Management Company has purchased a commercial tower in Mumbai's Santacruz for over INR 315 crore from Kalpataru's subsidiary, Ixora Properties. The newly acquired building, part of Kalpataru Infinia, will become the asset management company’s new head office.

Mumbai:

 ICICI Prudential Asset Management Company has made a significant acquisition by purchasing an entire commercial tower in Mumbai’s Santacruz suburb. The transaction, valued at over INR 315 crore, was made with realty developer Kalpataru’s subsidiary, Ixora Properties. This newly acquired tower, situated on one-third of an acre, is expected to serve as the new head office for the asset management company.

Property Details and Future Plans Structure:

The tower is part of Kalpataru Infinia, featuring a ground plus 12-storey structure with three basements. Carpet Area: The building has a carpet area of over 60,000 sq ft. Stamp Duty: ICICI Prudential AMC has paid over INR 18.90 crore as stamp duty for the registration of the transaction on June 27. The asset management company plans to shift its corporate office from Bandra-Kurla Complex to this new location, with fit-out work expected to commence soon. Operations are anticipated to begin next year.

Strategic Move in the Commercial Real Estate Sector:

This acquisition is noteworthy in the context of the ongoing trend of leasing office space rather than purchasing it outright.

Recent Transactions and Market Insights

ICICI Prudential Life Insurance: Recently acquired 252,000 sq ft of office space in Mindspace, Malad West, for its largest back-office facility. ICICI Securities: Leased over 188,000 sq ft of office space in Mindspace Juinagar, Navi Mumbai, for over 12 years. Robust Growth in the Indian Office Sector Despite global economic challenges, the Indian office sector continues to see robust demand. Net absorption in India’s top seven office markets exceeded 40 million sq ft in 2023, reaching 41.97 million sq ft.

Insights and Highlights

• Property Location: Santacruz, Mumbai
• Transaction Value: INR 315 crore
• New Corporate Office: Over 60,000 sq ft in Kalpataru Infinia
• Stamp Duty Paid: INR 18.90 crore
• Parking Facilities: 114 vehicle slots
• Shift Timeline: Operations expected to start next year