NCW Prime Offices Fund acquires 3 lakh sq ft commercial property in Delhi from Kotak-led consortium for around ₹750 cr
Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), a joint venture between Nuvama Asset Management Limited and Cushman and Wakefield, announced on May 27 the acquisition of Prius Platinum, a premium Grade A office space in South Delhi's Saket District Centre, for around ₹750 crore.
The 3 lakh sq ft operational property was acquired from a fund managed by Kotak Alternate Asset Managers Limited led consortium, the company said in a statement.
Sources told HT.com that the premium Grade A office space in South Delhi was acquired for around ₹750 crore. They said the monthly rent is around ₹5 to ₹6 crore.
Spanning across 3 lakh sq.ft, the property was acquired by the Kotak consortium through the IBC process in 2021. Since then, it has undergone a comprehensive transformation including upgrades, ESG initiatives and enhancing operational performance. These concerted efforts have led to an increase in leasing activity. The transaction marks a significant milestone in the firm's value-creation strategy and commitment to sustainability-driven investments, the statement said.
The property is 95% leased. It provides stable rental income with a weighted average lease expiry (WALE) of five years and in-place lock-in periods, ensuring long-term income stability. The asset boasts of a marque tenant stack including leading legal, pharma and financial institutions of India and other front office tenants. This acquisition reinforces PRIME fund's strategy of investing in high-quality office spaces across India's prime commercial hubs, the statement said.
JLL India was the transaction advisor for the deal. The consultancy did not comment on the transaction.
'We are excited to acquire Prius Platinum. This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund's (PRIME) strategy of creating a high quality, sustainable, income-generating portfolio. With India's commercial real estate sector continuing to show strong fundamentals, this acquisition marks an important milestone in delivering world-class investment solutions for our investors,' said Gaurav Puri, CIO, NCW.
'We are proud of the journey this asset has undergone — from acquisition through IBC to a complete revival as a state-of-the-art, ESG-compliant commercial hub. This sale is a testament to the strength of our asset management capabilities and our ability to create long-term value for stakeholders through sustainability-focused strategies,' said Rahul Chhaparwal at Kotak Alternate Asset Managers Limited.
Nuvama and Cushman & Wakefield Management Private Limited (NCW) is a 50:50 joint venture between Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd, and global real estate services firm Cushman & Wakefield.
NCW offers full-suite capabilities for investing in commercial real estate and aims to open access for domestic investors to participate in high-quality real estate opportunities. NCW's flagship fund, the Prime Offices Fund (PRIME), received SEBI approval in 2024 and marked its first close in 2025. The fund targets investments in prime commercial office assets across key high-growth micro-markets in India.
Kotak Alternate Asset Managers Limited, a part of Kotak Mahindra Group, focuses on alternate asset management and investment advisory businesses. Kotak Alt was set up in early 2005 and has raised/managed/advised over $22 billion across different asset classes including Private Equity, Real Estate, Infrastructure, Special Situations, Private Credit and Investment Advisory. The asset management business and investment advisory vertical are managed by independent specialist teams.
Also Read: Delhi-NCR is 6th most expensive office market in Asia Pacific, Mumbai is ranked 8th
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
16 minutes ago
- Time of India
Green job demand in India sees 20–30% annual growth; Tier II/III cities to host up to 40% roles
New Delhi: India's green economy is expected to generate 7.29 million jobs by FY28 and about 35 million jobs by 2047, according to industry estimates. The projections come as the country moves toward a green economy valued at USD 1 trillion by 2030 and USD 15 trillion by 2070. The latest employment outlook for the green sector exceeds earlier projections made in 2024, which had estimated a 15–20 per cent year-on-year increase in demand for green jobs over the next 10 years. Companies are modifying their workforce strategies by prioritising skill-based hiring and practical green competencies over traditional qualifications. They are also forming partnerships with academic institutions to equip the youth with sustainability-related skills and investing in inclusive hiring and re-skilling initiatives. Major job creation is expected in renewable energy, waste management, electric vehicles, sustainable textiles, and green construction sectors. The growth is expected across urban and peri-urban regions. While cities like Mumbai, Bengaluru, and Delhi continue to attract aspirants for green jobs, Tier II and III cities including Jaipur, Indore, Visakhapatnam, Ahmedabad, Coimbatore, Bhubaneswar, and Chandigarh are emerging as important centres. These cities are projected to account for 35–40 per cent of the 7.29 million jobs by FY28. Job roles in the green sector are expanding beyond traditional segments. Demand for roles such as ESG analysts, green tech experts, and climate data analysts has increased compared to last year and is projected to grow by 20–30 per cent annually. Hybrid roles that combine sustainability expertise with digital proficiency are expected to see a 4–6 times rise in demand. ESG analyst roles are projected to grow by 13–20 times. Green technology is also being influenced by innovations in precision farming, smart irrigation, and AI-based climate modelling. New roles are being created in sustainable agriculture and clean technology through blockchain traceability systems. Professionals with expertise in Geographic Information Systems (GIS), Artificial Intelligence (AI), remote monitoring systems, and lifecycle assessment tools are in demand. The average salary across profiles in the green sector has increased by 20.3 per cent over the past one to two years. Salaries in Tier I cities can be up to 50 per cent higher than in Tier II cities, driven by the cost of living differences. Currently, women account for 11–12 per cent of green jobs in India. This is attributed to unequal access to technical education, workplace safety concerns, and cultural barriers. Organisations are adopting inclusive hiring practices and supporting women-focused skill development programmes. These initiatives are expected to improve gender parity by 12–15 per cent over the next 5–6 years. Sachin Alug, CEO of NLB Services, said, 'In the past 4–5 years, we've seen green jobs evolve from niche roles to mainstream opportunities across renewable energy, EVs, and sustainable infrastructure. What's changed pragmatically is the skillsets. Today's green workforce needs both sustainability know-how and digital fluency, and the increased integration of AI, IoT, blockchain, GIS, and data-driven tools are laying the foundation for progressive, new-age green careers.'>
Time of India
8 hours ago
- Time of India
Who is Bilal Bin Saqib- social entrepreneur leading Pakistan's crypto push?
Bilal Bin Saqib (File photo taken from LinkedIn) Pakistan last week unveiled its first government-led Strategic Bitcoin Reserve - a move aimed at attracting global investment and signaling a long-term commitment to digital assets. The announcement came shortly after Prime Minister Shehbaz Sharif appointed Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC), as his special assistant on blockchain and cryptocurrency, with the status of Minister of State. Saqib revealed the initiative while delivering a keynote address at Bitcoin Vegas 2025, attended by US Vice President JD Vance, Eric Trump, and Donald Trump Jr, Dawn reported. 'Pakistan is no longer defined by its past. It is being reborn as a forward-looking hub of digital innovation,' he said. Here's what to know about the man at the center of Pakistan's crypto transformation: Who is Bilal Bin Saqib? Saqib is the co-founder of Tayaba, a social enterprise focused on addressing Pakistan's water crisis. As reported by Forbes, its flagship product- the H2O wheel- allows users to transport up to 40 liters of water, significantly easing the daily burden on women and children in rural areas. Tayaba has distributed over 5,500 wheels across Pakistan. Saqib's responsibilities include crafting a FATF-compliant regulatory framework for digital assets, launching national bitcoin mining projects, and integrating blockchain into sectors like finance, land records, and governance. He will also oversee licensing for virtual asset service providers (VASPs) and support the development of the Web3 ecosystem, reported Dawn. He holds a degree in Innovation and Entrepreneurship from the London School of Economics and serves on the advisory board of Queen Mary University of London. Prior to entering the blockchain space in 2017, Saqib worked as an international strategy consultant for a decade, mainly helping UK firms expand into Asia and Africa. In 2023, he was awarded an MBE (Member of the Order of the British Empire) by King Charles for his Covid-19 relief work in the UK through the One Million Meals initiative. He has also been featured in Forbes 30 Under 30 list for his contributions to social impact. Saqib is the founder of Web3 Pakistan , the country's first and largest blockchain community. He has helped organize major blockchain events such as ETHBarcelona and has spoken at the World Economic Forum and NFT NYC. According to Dawn, Pakistan currently ranks among the top 10 countries for crypto adoption, with over 40 million users and a crypto trading volume exceeding $300 billion annually. In this context, Bilal Bin Saqib is emerging as a key figure shaping Pakistan's digital future. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Standard
13 hours ago
- Business Standard
TCPL Packaging Q4 PAT climbs 33% YoY to Rs 38 crore
TCPL Packaging's consolidated net profit jumped 32.75% to Rs 38.02 crore in Q4 FY25 as against Rs 28.64 crore posted in Q4 FY24. Revenue from operations rose 5.80% year on year to Rs 416.23 crore in the fourth quarter of FY25. Profit before tax (PBT) stood at Rs 39.48 crore in Q4 FY25, up by 4.77% from Rs 37.68 crore recorded in Q4 FY24. EBITDA rose 2% year on year to Rs 72.1 crore during the quarter. EBITDA margin reduced to 17.1% in Q4 FY25 as compared to 17.6% registered in Q4 FY24. On a full year basis, the companys consolidated net profit rallied 44% to Rs 143 crore on 15.19% rise in revenue from operations to Rs 1,742.57 crore in FY25 over FY24. Commenting on the performance for Q4 & FY2025, Saket Kanoria, managing director, TCPL Packaging, said: We are pleased to report a robust financial performance for FY25, marked by a 15% growth in revenue, a 17% increase in EBITDA, and a 44% rise in Profit after tax. These results reflect our operational excellence and the successful execution of growth initiatives, despite a subdued domestic demand environment. We have also initiated plans to establish an in-house gravure cylinder manufacturing facility, which is expected to be commissioned in Q3 FY2026 with an annual capacity of 12,000 cylinders. This backward integration initiative will leverage advanced engraving technologies to enhance process control, print quality, and delivery speed, further strengthening TCPLs competitive edge. Aligned with our commitment to shareholder value, the Board has recommended a dividend of Rs 30 per share, marking 25 consecutive years of uninterrupted payouts and reflecting our consistent dividend policy. As part of our broader commitment to sustainability, we are announcing a target to achieve carbon neutrality for operational (Scope 1 and 2) emissions by 2040, using FY202324 as the baseline year. We are also focused on strengthening our ESG disclosures and scoring frameworks, supported by the ongoing development of our first Integrated Report. These initiatives are integral to strengthening TCPLs sustainability credentials and positioning the Company as a responsible, future-ready packaging partner for customers globally. Looking ahead, TCPLs strong balance sheet and disciplined investments provide a solid foundation to pursue emerging opportunities in the dynamic packaging sector. With a consistent 30-year revenue CAGR of 17.6%, we continue to evaluate avenues to sustain higher growth rates and create long-term value for our stakeholders. As the Indian packaging industry consolidates around larger, organised players, our emphasis on innovation, operational strength, and expanding presence ensures we remain well-positioned to drive sustainable growth and strengthen our industry presence. Meanwhile, the board of directors has recommended a dividend of Rs 30 per equity share of face value Rs 10 each for the financial year ended 31 March 2025, subject to approval by the shareholders at the companys upcoming 37th annual general meeting. TCPL Packaging manufactures paperboard-based packaging materials and flexible packaging products. Shares of TCPL Packaging tanked 4.48% to Rs 3,929.05 on the BSE.
