Latest news with #PriusPlatinum
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Business Standard
27-05-2025
- 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.
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Business Standard
27-05-2025
- 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.
