Indian law firm J. Sagar Associates has advised Edelweiss Alternatives’ Rental Yield Plus Fund on its acquisition of Bengaluru-based MMTP Projects for 15 billion rupees ($179 million).
MMTP and the sellers, MFAR Group, were represented by Shardul Amarchand Mangaldas & Co.
MMTP owns and operates 1.1 million square feet of gross leasable area within the larger Manyata Tech Park – a prominent technology park in Bengaluru housing multiple office spaces for companies from various sectors.
Edelweiss Alternatives, the alternative asset arm of the Edelweiss Group, set up its Rental Yield Plus Fund last year to seek out and invest in commercial office properties in six Indian cities.
“The acquisition of MMTP is in line with Edelweiss’ larger strategy of aggregating high-quality Grade A/A+ office assets into a larger portfolio of commercial office assets across pivotal office micro-markets in key cities,” JSA said in a statement.
The JSA team was led by joint managing partner Vivek Chandy, and included partner Ajay Prasad and senior associate Soham Roy. Partners Karthik BM (real estate), Megha Arora (power and regulatory), Anjana Potti (banking and finance) and Preetha S (due diligence) assisted on the deal.
