SNG & Partners advises ICICI managed Fund on acquisition of Purva Ruby Properties

ICICI Prudential Office Yield Optimiser Fund – AIF II, managed by ICICI Prudential Asset Management Company Limited, has made a structured acquisition of Purva Ruby Properties Private Limited.

The acquisition was made through Prishal Office Parks III Private Limited, which is owned by the ICICI Fund.

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).

Purva Ruby Properties Private Limited is 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 transaction is valued at approximately ₹626 crore 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.

If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.