The Indiabulls Dual Advantage Commercial Assets Fund marked its second deal since its launch in 2017 with the purchase of the Phoenix Trivium office complex in Hyderabad, India, for approximately 4.70 billion rupees, Livemint reported, citing a source with knowledge of the transaction.
The property, located in the city's Hafeezpet suburb, contains 1 million square feet of developable space and is presently being constructed in three stages by Phoenix Group, with the initial phase already completed and leased out.
The office-focused investment vehicle was set up by Indiabulls Asset Management Co. Ltd., a sister company of Indiabulls Real Estate Ltd., to raise roughly 15.00 billion rupees, including 5.00 billion rupees from co-investors, according to the May 15 report.
Prior to the latest deal, the platform carried out its first transaction in February with the 2.00 billion-rupee acquisition of a commercial office building in the Indian city of Gurugram from Hines India Ltd., in a joint venture with InterGlobe Real Estate Ventures Pvt. Ltd.
As of May 14, US$1 was equivalent to 67.57 Indian rupees.