SNG & Partners Advises ICICI Prudential on ₹525 Crore VIOS Tower Acquisition in Mumbai
SNG & Partners has advised on the ICICI Prudential VIOS Tower acquisition — a structured purchase of NCP Commercials Private Limited, a Mumbai-based commercial real estate company owning multiple floors of VIOS Tower in Wadala, Mumbai, valued at over ₹525 crore across approximately 3 lakh sq. ft. of pre-leased office space. The transaction was executed through the ICICI Prudential Office Yield Optimiser Fund – AIF II, managed by ICICI Prudential Asset Management Company Limited. SNG & Partners provided end-to-end legal counsel on structuring and execution.
Introduction
ICICI Prudential Asset Management Company Limited, acting through its ICICI Prudential Office Yield Optimiser Fund – AIF II, made a structured acquisition of NCP Commercials Private Limited, a Mumbai-based commercial real estate company owning and operating multiple floors of the commercial office asset known as VIOS Tower in Mumbai. VIOS Tower is a Grade A LEED Certified Gold project offering column-free floor plates designed for higher design efficiencies. The acquisition covers nine floors of the tower, with the office space fully pre-leased at the time of closing.
SNG & Partners advised on the overall legal structuring and execution of the transaction, including the design and implementation of the inter-linked acquisition structure, drafting and negotiation of the principal transaction documents, and advising on transaction strategy, conditions precedent, risk allocation, closing mechanics and regulatory implementation. The firm also coordinated the simultaneous execution and consummation of multiple definitive agreements to ensure legal and commercial alignment across all aspects of the transaction.
Deal Value
The transaction is valued at over ₹525 crore and relates to approximately 3 lakh sq. ft. of pre-leased office space across nine floors of VIOS Tower in Wadala, Mumbai.
Legal Teams Involved
Only one legal team was disclosed in connection with this transaction. SNG & Partners acted as legal counsel to ICICI Prudential Asset Management Company Limited.
Transaction Team — Financial Services & Corporate:
- Aditya Vikram Dua — Partner & Head – Financial Services (Team Lead)
- Amit Aggarwal — Managing Partner – Corporate & Non-Contentious Practice (Strategic Inputs)
- Devyani Dhawan — Counsel (Strategic Inputs)
- Ayushi Parnami — Principal Associate
- Bhavya Chopra — Associate
- Carishma Bhargava — Associate
- Sparsh Sinha — Associate
Real Estate Practice Team — Title Diligence & Asset-Level Review:
- Samreen Paloba — Partner (Team Lead)
- Ayushi Shah — Principal Associate
- Zainab Patel — Associate
Legal representation for NCP Commercials Private Limited and any other counterparties was not disclosed. Further details were not disclosed.
Significance and Impact
This transaction represents a significant deployment of capital under the ICICI Prudential Office Yield Optimiser Fund – AIF II, reflecting continued institutional appetite for stabilised, income-generating commercial assets in India’s major office markets. The acquired space is anticipated to deliver an annual yield exceeding 8%, with existing leases including a 5% annual rent escalation clause.
The deal is also notable for its structural complexity — the acquisition of an entire SPV (NCP Commercials Private Limited) rather than a direct asset purchase required the simultaneous execution of multiple inter-linked transaction documents, demanding close coordination across legal, regulatory, and commercial workstreams. For SNG & Partners, this deal underscores the firm’s growing presence in structured real estate finance mandates, particularly for AIF-driven acquisitions. Refer to Deal Meter for a running tracker of law firm deal activity in India.
Conclusion
The ₹525 crore VIOS Tower acquisition marks a significant transaction in Mumbai’s commercial real estate landscape, combining structured corporate acquisition mechanics with large-scale pre-leased office investment. SNG & Partners delivered comprehensive legal support spanning structuring, documentation, risk allocation, and regulatory implementation. The deal reinforces the firm’s credentials in advising on complex, multi-agreement AIF-driven real estate transactions.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
