Prime Offices Fund makes ₹750 crore debut with Delhi office buy
Prime Offices Fund (PRIME), managed by Nuvama and Cushman & Wakefield (NCW), has made its first acquisition by buying Prius Platinum, a prime Grade A office property in Delhi's Saket District Centre, for about ₹ 750 crore.
NCW is an equal joint venture between Nuvama Asset Management Ltd and Cushman & Wakefield Management Pvt Ltd.
The property, which is 95% leased to multiple tenants, was purchased from a fund managed by a Kotak Alternate Asset Managers Ltd-led consortium, said a person familiar with the matter.
The 0.3 million sq. ft building was earlier acquired by the Kotak-led group through the Insolvency and Bankruptcy Code (IBC) process in 2021 and underwent upgrades to bring it up to institutional standards.
'This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund's strategy of creating a high quality, sustainable, income-generating portfolio,' said Gaurav Puri, chief investment officer, NCW.
"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," he added.
Rahul Chhaparwal, partner at Kotak Alternate Asset Managers, said the exit validates their sustainability-led asset management strategy and ability to create long-term value for stakeholders.
JLL India was the exclusive advisor to the transaction.
The Prime Offices Fund was launched with a ₹ 1,500 crore target corpus and an additional ₹ 1,500 crore green shoe option. The fund aims to offer investment opportunities in India's growing commercial real estate market.
NCW announced a ₹ 1,700 crore first close in January and is on track to raise the remaining ₹ 1,300 crore this year. The fund will focus on acquiring Grade A office properties in India's top commercial hubs—Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad.
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