Bengaluru: Indiabulls Dual Advantage Commercial Assets Fund has bought a commercial office tower in Gurugram from real estate firm Hines India Ltd, marking the first transaction from its new office fund, the company said.

Indiabulls did not disclose the deal amount, but two people familiar with the transaction, who did not wish to be named, said the transaction is valued at around Rs200 crore.

Indiabulls has partnered with co-investor InterGlobe Real Estate Ventures Pvt. Ltd (IGR), the real estate arm of InterGlobe Enterprises Pvt. Ltd for this acquisition. InterGlobe Aviation Ltd, which runs IndiGo, is part of InterGlobe Enterprises.

Indiabulls Dual Advantage Commercial Assets Fund is an alternative investment fund that was launched by Indiabulls Asset Management Co. Ltd in 2017 to raise around Rs1,500 crore, including Rs500 crore from co-investors. The fund will invest in buying out office properties that generate regular stable rental income, with capital appreciation on exits.

The 240,000 sq. ft office building in Sky View Corporate Park, is part of a project that has been developed by Hines on a 21-acre site. The first phase of the project has two buildings—one of which has been acquired by Indiabulls and InterGlobe Real Estate Ventures.

The Indiabulls commercial fund along with co-investor InterGlobe has acquired 100% equity in the special purpose vehicle that owns the commercial building that is fully leased out to a single tenant.

Over the next year or so, Indiabulls AMC is planning to deploy more than Rs1,000 crore in commercial office space.

“This is our first investment in the commercial office space and we are extremely keen and focused on this space and plan to conclude more such deals over the next six months," said Ambar Maheshwari, CEO(private equity), Indiabulls AMC.

A Hines representative confirmed the sale of Hines’s asset in Skyview Corporate Park is underway.

Hines India is part of Hines, an international real estate investment and management firm with $100 billion of assets under management.

An InterGlobe Real Estate spokesperson confirmed the firm’s participation in the investment to buy Skyview Towers with Indiabulls.

IGR, a new business venture of InterGlobe Enterprises, started operations from 2017. Currently the business manages the real estate portfolio and funds of the company and by participating in a combination of greenfield, brownfield and ready assets pan-India, IGR intends to create a real estate portfolio of quality yielding assets.

Even as India’s residential real estate business continues to reel under a prolonged slowdown, investors have been buying office assets aggressively.

Earlier this week, Mint reported that Xander Group Inc. has bought an office building of around 250,000 sq. ft at Embassy Golf Links Business Park in Bengaluru for Rs350 crore from the Sanjay Ghodawat Group.

In January, Indiabulls Real Estate, the property development arm of the Indiabulls Group, said it will acquire a completed office building in Gurugram with a leasable area of 250,000 sq. ft through its subsidiary Yashita Buildcon.

“Given the strong leasing momentum in commercial real estate, good quality assets will continue to attract investors. With the first REIT (real estate investment trust) around the corner, investors are competing with each other to buy assets," said Rajeev Bairathi, executive director and head of capital markets at property advisory Knight Frank India.