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Prime Offices Fund expands footprint with marquee Chennai acquisition

Keppel to Divest Chennai’s One Paramount Office Park for ₹2,750 Crore.                                                                                                                                            

Singapore-based Keppel is set to divest its Grade-A office asset, One Paramount in Porur, Chennai, to Prime Offices Fund, managed by Nuvama Asset Management and Cushman & Wakefield, for about ₹2,750 crore. Spanning 2.4 million sq ft across 12.6 acres, the tech park houses marquee tenants including Genpact, Maersk, UPS, VMware, and Hitachi Energy, ensuring high occupancy and attractive rental yields of 7–7.5%, above market benchmarks. Keppel had acquired the asset in mid-2024 for around ₹2,100 crore from RMZ Corporation and CPP Investments. For Prime Offices Fund, this marks a continuation of its multi-city expansion strategy, following recent acquisitions in Delhi’s Saket District Centre. The fund, which raised ₹1,700 crore in its first close, aims to scale to ₹3,000 crore, targeting premium rent-yielding office assets across key Indian metros. The deal underscores growing investor confidence in Chennai’s office market, which saw leasing hit 5.5 million sq ft in H1 2025, a 57% YoY surge.