Mumbai-based 360 One Asset, through its real asset funds, has acquired a 50% stake in a Grade-A office complex in Pune, Maharashtra, from Brookfield Asset Management.

Bluegrass Business Park, covering 2 million square feet in Kalyani Nagar, Pune, was acquired for an enterprise value of about 2,400 crores ( US$280 million ).

It comprises a one-million-square-foot operational tower leased to Mastercard and an under-construction office tower with street retail.

Brookfield will continue to oversee the management, development, and leasing of the asset.

"This acquisition reflects our strategy of investing in high-quality, future-ready real estate assets across core urban markets,” says Niraj Murarka, chief investment officer, real assets, at 360 One Asset.

Rachit Kothari, Brookfield senior vice president for real estate, adds: “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.”

Brookfield, a Canadian-American alternative asset manager based in New York City, is one of the largest office owners and operators in India with over 55 million square feet across key office markets in the country.

Shardul Amarchand Mangaldas acted as legal counsel for Brookfield while Veritas Legal represented 360 One Asset.