To provide space for information technology (IT) and information technology-enabled services (ITeS) firms and luxury residences in Pune, Infrastructure Development Finance Corp (IDFC) Alternatives has bought assets worth about Rs 250 crore in Pune’s real estate developer Paranjape Schemes (Construction) Hinjewadi special economic zone (SEZ).    

IDFC set up its real estate investments business in late 2010 to acquire majority ownership in leased and rent generating IT parks and SEZs located in major Indian office markets. The focus is on developments with high-quality tenants, which offer opportunity for stable yield as well as capital appreciation.    

Over the last 12-18 months, real estate-focused private equity (PE) funds have increasingly started looking at buying developed commercial assets for rental yields as well as capital appreciation in the long term. These investors typically look for properties already developed and commercial space rented out with leases of over 8-10 years.    

IDFC’s real estate investments arm is buying the constructed and rented part of the SEZ, sources said.