Latest news with #NCW
&w=3840&q=100)
Business Standard
5 days ago
- Business
- Business Standard
Prime Offices Fund acquires Delhi's Prius Platinum in strategic realty move
Prime Offices Fund (PRIME) — a commercial real estate fund managed by Nuvama and Cushman & Wakefield (NCW) — has acquired Prius Platinum, a premium Grade A office space in South Delhi's high-demand Saket District Centre. The deal comes at a time when India's commercial property sector is gaining attention from both institutional and retail investors for its potential to offer stable, inflation-hedged rental income, especially from marquee properties with long-term tenants. What's the deal? Prius Platinum spans 0.3 million sq. ft. and was previously owned by a consortium led by Kotak Alternate Asset Managers Limited. The property was originally acquired via the Insolvency and Bankruptcy Code (IBC) route in 2021 and has since undergone extensive upgrades, including ESG initiatives, modernisation, and a leasing push. The building is now 95% leased, with a weighted average lease expiry (WALE) of 5 years — a metric that provides comfort to long-term investors seeking predictable income flows. Why this matters for investors? According to Gaurav Puri, Chief Investment Officer at NCW, Prius Platinum fits perfectly into PRIME's vision of creating a sustainable, high-quality, income-generating portfolio. With tenants from legal, pharma, and financial services sectors, the property is positioned to deliver consistent rental yields. From a personal finance perspective, investments in such commercial office spaces — either directly (for high-net-worth individuals) or indirectly via managed funds like PRIME — are becoming a popular hedge against equity market volatility and low-interest fixed deposits. This move also reflects a broader trend of "value creation through transformation" — where distressed or under-utilised assets are revamped to create premium, ESG-compliant commercial hubs. Rahul Chhaparwal, Partner at Kotak Alternate Asset Managers, called the transaction a "testament" to the firm's ability to turn around distressed assets and extract long-term value. He added that the complete revival of Prius Platinum highlights Kotak's sustainability-led asset management strategy. NCW (Nuvama-Cushman JV): A 50:50 joint venture between Nuvama Asset Management (the alternative investment arm of Nuvama Wealth Management Ltd) and Cushman & Wakefield, a global real estate services firm. Their Prime Offices Fund received Sebi approval in 2024 and had its first close in 2025. It targets high-growth office spaces across India. Kotak Alternate Asset Managers Limited: A part of the Kotak Mahindra Group, Kotak Alt has managed over $22 billion across private equity, real estate, infrastructure, and credit. Their real estate vertical focuses on value investing and revival strategies.
&w=3840&q=100)
Business Standard
5 days ago
- Business
- Business Standard
Prime Fund buys Saket's Prius Platinum office asset from Kotak Alt
PRIME Fund acquires 0.3 million sq ft office space in South Delhi's Saket from Kotak consortium, aiming to build a sustainable, high-yield commercial portfolio Mumbai Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), announced the acquisition of Prius Platinum, a grade-A office space in South Delhi's Saket District Centre. The property has been acquired from a fund consortium led by Kotak Alternate Asset Managers (Kotak Alt). PRIME is a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield. Spanning across 0.3 million square feet, the property was acquired by the Kotak consortium through the Insolvency and Bankruptcy Code (IBC) process in 2021. The property is 95 per cent leased. It provides rental income with a weighted average lease expiry (WALE) of five years and in-place lock-in periods, assuring long-term income. Gaurav Puri, Chief Investment Officer, NCW, said, 'This rare, 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.' The asset boasts a tenant stack including leading legal, pharmaceutical and financial institutions in India, as well as 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 fund stated. Rahul Chhaparwal, Partner at Kotak Alternate Asset Managers, said, '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.' Besides, the total fund size of PRIME is ₹3,000 crore. The fund achieved its first close at almost ₹1,700 crore in January 2025. Going ahead, it will focus on grade-A 'offices of the future' across the top Indian cities for the fund's deployment.
Mint
5 days ago
- Business
- Mint
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.
Hindustan Times
5 days ago
- Business
- Hindustan Times
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 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 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
Time of India
5 days ago
- Business
- Time of India
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.
