NEW DELHI: Rental Yield Plus (RYP) Fund, managed by Edelweiss Alternatives, has completed the acquisition of MMTP Projects (MMTP PPL) in Bengaluru for over Rs 1,500 crore.
MMTP PPL, earlier owned by MFAR group, owns, and operates 1.1 million sq ft within the Manyata Tech Park.
RYP fund’s portfolio has scaled up to 1.8 million sq ft gross leasable area (GLA) in Bengaluru and Gurugram. With this acquisition, RYP currently holds assets valued over Rs 2,500 crore.
Subahoo Chordia, head (Real Assets Strategy), Edelweiss Alternatives, said, “We are seeing strong appetite from global institutional investors, domestic institutional investors, UHNIs and family offices for investments in commercial office assets in India. We expect the Grade A/A+ office stock in India to cross 1 billion square feet over the next few years. This potential growth in office stock presents us with a structural investment opportunity of ~USD 84 billion.”
Edelweiss Alternatives is one of the alternatives platforms with assets under management (AUM) of ~USD 6.3 billion (over Rs 52,100 crore) as of December 2023.
