Nuvama-Cushman & Wakefield JV raises Rs 1,700 cr for Prime Offices Fund

First close completed for fund that will invest in commercial real estate, says companies

Joint venture Nuvama and Cushman & Wakefield Management (NCW) has announced the first close of its Prime Offices Fund, securing around Rs 1,700 crore in commitments, according to a statement.

 

NCW will offer investment opportunities in Indian commercial real estate, a market dominated by global players.

 

“We are delighted with the overwhelming response received for the joint venture and the Prime Offices Fund, which primarily invests in commercial real estate. We have been able to achieve a first close within nine months of commencing our fund-raising efforts,” said Anshu Kapoor, president and head of Nuvama Asset Management.

 

The fund focuses on premium office spaces in India’s six largest cities: Bengaluru, the National Capital Region, Pune, Mumbai, Chennai and Hyderabad. It will invest in both new developments and completed leased assets, with a “robust pipeline” already established for deployment.

 

“By combining the fund management capabilities of Nuvama Asset Management with Cushman & Wakefield’s unmatched commercial real estate expertise, we have addressed the need for a platform that caters to the evolving aspirations of India’s investors,” said Anshul Jain, chief executive, India, Southeast Asia, and APAC tenant representation, Cushman & Wakefield.

 

“This is just the beginning — we look forward to strategically deploying these funds to shape world-class office spaces that redefine the future of work in India while striving to deliver strong returns.”

 

The Prime Offices Fund aims to reach a target size of Rs 3,000 crore in the next two quarters, said Kapoor, noting that Indian commercial real estate is resilient and a bright spots for investors.