Singapore-based Keppel is preparing to sell its office property, One Paramount in Porur, Chennai, to Prime Offices Fund, which is managed by Nuvama Asset Management and Cushman & Wakefield (NCW), for about ?2,750 crore. The deal highlights the growing interest of investors in India’s fast-expanding office market. One Paramount is a Grade-A IT park spread over 2.4 million sq. ft. on a 12.6-acre site. It hosts big multinational tenants like Genpact, Maersk, UPS, VMware, and Hitachi Energy. With high occupancy levels, the asset offers attractive rental yields of about 7–7.5%, which is better than the market average. Keppel had itself purchased the same property in mid-2024 for about ?2,100 crore from RMZ Corporation and Canada’s CPP Investments. For Prime Offices Fund, this is part of a larger expansion strategy. The fund recently bought Prius Platinum (0.3 million sq. ft.) in Delhi’s Saket for about ?750 crore and another nearby 300,000 sq. ft. property for around ?760 crore. Both are fully leased and upgraded to ESG standards, giving steady income. Chennai’s office demand is now spreading beyond OMR to new hubs such as Radial Road, Tambaram, Ambattur, and Madhavaram, helped by better infrastructure. Leasing is coming not only from IT and global capability centres but also from banking, financial services, insurance, and life sciences—with the life sciences sector alone seeing 60% growth in 2024.

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