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Keppel Corporation is selling its One Paramount office park in Porur, Chennai, to the Prime Offices Fund for INR 2,750 crore. The 2.4 million square feet Grade-A tech park houses tenants like Genpact and Maersk and offers strong rental yields of 7-7.5%. The Prime Offices Fund, managed by Nuvama Asset Management and Cushman & Wakefield India, is actively expanding its presence in key Indian cities with a focus on premium, fully leased office assets, reflecting continued investor confidence in India's commercial real estate market.
Singapore-based Keppel Corporation has agreed to sell its One Paramount office park located in Porur, Chennai, to the Prime Offices Fund for around INR 2,750 crore. The fund is managed jointly by Nuvama Asset Management and Cushman & Wakefield India. This transaction highlights the continued interest of investors in premium commercial real estate in India. Advertisement
One Paramount is a Grade-A tech park spread over 2.4 million square feet on a 12.6-acre site. The park hosts several major global tenants, including Genpact, Maersk, UPS, VMware, and Hitachi Energy. It maintains high occupancy levels and is expected to provide rental yields of 7-7.5%, which are considered attractive in the current market conditions.
The Prime Offices Fund has been actively expanding its portfolio across major Indian cities. Earlier, the fund acquired properties like Prius Platinum in Delhi's Saket District Centre, along with another asset in the same area. Each of these properties spans approximately 300,000 square feet and was acquired for INR 750 crore and INR 760 crore, respectively. Both assets are almost fully leased and have received environmental, social, and governance (ESG) improvements to ensure stable long-term income streams.
The Prime Offices Fund operates as a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield India. Its focus is on premium office properties in Mumbai, Bengaluru, Delhi NCR, Pune, Chennai, and Hyderabad. At its first close in January, the fund raised INR 1,700 crore and aims to scale up to INR 3,000 crore, with potential leverage through debt facilities reaching up to INR 6,000 crore.
This divestment follows Keppel's earlier acquisition of One Paramount 1 tech park in Chennai for about INR 2,100 crore in mid-2024. That asset was previously owned jointly by RMZ Corporation and Canadian pension fund CPP Investments. The sale of One Paramount 1 was completed in August 2024 for approximately USD 264 million.
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