SNG & Partners Advises ICICI Prudential Office Yield Optimiser Fund – AIF II on Structured Acquisition of Purva Ruby Properties Private Limited
SNG & Partners acted as transaction counsel to ICICI Prudential Office Yield Optimiser Fund – AIF II (ICICI Fund), managed by ICICI Prudential Asset Management Company Limited, in connection with its structured acquisition of Purva Ruby Properties Private Limited (Company), a Bangalore-based commercial real estate company owning approximately 56% stake in the commercial office tower known as “Purva Zentech” located at Kanakapura, Bangalore. The acquisition was made through Prishal Office Parks III Private Limited, which is owned by the ICICI Fund, and underscores the continued momentum of institutional capital deployment into India’s office real estate sector, ranking among the larger acquisitions of its kind this year.
The transaction is valued at approximately INR 626 crores and relates to the acquisition of approximately 5.46 lakh sq. ft. of saleable area owned by the Company across multiple floors within the Purva Zentech commercial building, with existing leasing and further potential for occupancy, as reported in The Economic Times.
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SNG & Partners advised ICICI Fund on the overall legal structuring, due diligence and execution, including the design and implementation of a multi-leg transaction framework. The firm’s scope included drafting and negotiating the principal transaction documents, along with providing counsel on transaction strategy, conditions precedent, regulatory matters, risk allocation and closing mechanics.
The transaction and due diligence team was led by Aditya Vikram Dua (Partner & Head – Financial Services), with support from Ayushi Parnami (Principal Associate), Eesha Govilla (Senior Associate), Bhavya Chopra (Associate) and Mohit Goyal (Associate) for documentation, and from Sparsh Sinha (Associate), Arjun Khanna (Associate) and Aditi Mishra (Associate) for due diligence.
Strategic inputs were provided by Amit Aggarwal (Managing Partner – Corporate & Non-Contentious Practice) and Devyani Dhawan (Counsel).
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