ICICI Prudential Asset Management Company has acquired an entire commercial tower in Mumbai’s western suburb Santacruz for over Rs 315 crore from realty developer Kalpataru’s subsidiary Ixora Properties.
The newly acquired tower, built on one-third of an acre, is likely to house the asset management company’s new head office.
The office building, one of the towers of Kalpataru Infinia, with ground plus 12-storey structure along with three basements, has a carpet area of over 60,000 sq ft. The other tower of this project, with over 120,000 sq ft office space, is currently under construction.
The deal assumes significance in the backdrop of ongoing trend of leasing office space as against buying it on an outright basis.
The asset management company has paid over Rs 18.90 crore as stamp duty for the registration of the transaction that took place on June 27, showed documents accessed through FloorTap(dot)com, a marketplace for commercial properties.
“The asset management company is planning to shift its corporate office from Bandra-Kurla Complex to this newly purchased office property. The fit out work at this new office is expected to commence soon and the company is looking to start operating from here by next year,” said a person close to the development.
India’s second largest asset management company’s average assets under management stood at Rs 8.03 lakh crore as on June end.
The commercial tower, which is five minutes drive from the company’s existing corporate office in Bandra-Kurla Complex, has 114 vehicle parking slots.