Prime Offices Fund acquires 3,00,000 sq ft commercial property in Delhi for Rs 760 Crore
Prime Offices Fund
, a
commercial real estate
focussed
fund
managed by
Nuvama
and Cushman & Wakefield Management Private Limited (NCW), has acquired 300,000 sq ft of operational building at Delhi's Saket for around Rs 760 crore.
The joint venture between Nuvama
Asset
Management Limited and Cushman and Wakefield has acquired Prius Platinum building at South Delhi's Saket District Centre from a fund managed by
Kotak Alternate Asset Managers
Limited led consortium.
The
property
was acquired by the Kotak consortium through the IBC process in 2021. Since then, it has undergone a transformation including upgrades, ESG initiatives and enhancing operational performance.
'This institutionally owned asset perfectly aligns with the Prime Offices Fund's 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.
The property is 95% leased. It provides stable rental income with a weighted average lease expiry (WALE) of 5 years and in-place lock-in periods, ensuring long-term income stability.
Sources said the annual rental income of the property is in the range of Rs 60-70 crore.
'The asset has undergone transformation — from acquisition through IBC to a complete revival as a 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 of Rs 1,700 crore in 2025.
The fund will focus on Grade A+ offices across key micro-markets in India's top six cities -- Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad.
The fund targets investments across a portfolio of new developments, as well as completed and leased assets and has already built a robust deal pipeline for deployment.
Kotak Alternate Asset Managers Limited (Kotak Alt), 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 over USD 22 billion across different asset classes.
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