ICICI Pru Alternatives buys RMZ office assets in Bengaluru, Pune for Rs 2,600 crore

Mumbai: ICICI Prudential Alternatives has acquired two Grade A office assets from RMZ Group in Bengaluru and Pune for about Rs 2,600 crore, expanding its exposure to income-yielding commercial real estate.

The acquisition has been executed through the ICICI Prudential Office Yield Optimiser Fund, a Rs 2,500 crore vehicle focused on completed and pre-leased office properties across key Indian markets.

The Bengaluru asset—EcoWorld 21—is located on the Outer Ring Road (ORR), the country’s largest office micro-market and a hub for global capability centres (GCCs). The property spans about 675,000 sq ft and is leased to a mix of multinational tenants with lease tenures of 5–9 years. Rentals at the EcoWorld campus are in the range of Rs 125–140 per sq ft per month, higher than the micro-market average, supported by premium amenities and sustainability features.


The second asset, RMZ Edge in Pune, comprises about 622,000 sq ft and is located in Koregaon Park, a key commercial and residential hub. The property benefits from proximity to the Pune Metro and established social infrastructure. Rentals in the micro-market are estimated at Rs 110–115 per sq ft per month, with the corridor hosting several global occupiers.