NCW Prime Offices Fund buys Chennai office campus from Keppel for ₹2,550 cr

Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), has acquired an office campus in Chennai from Keppel for about Rs 2,550 crore.

 

The campus spans 2.4 million square feet and is located in Porur, Chennai. The asset has been acquired through a 100 per cent buyout from Singapore-based global asset manager Keppel’s real estate division, marking PRIME’s second acquisition.

 

Gaurav Puri, chief investment officer, NCW, said: “This second acquisition under PRIME is a strong validation of our strategy and execution. With this, we’re reinforcing our commitment to building a portfolio that reflects the evolving priorities of global occupiers: sustainability, agility, and institutional-grade quality.”

 

The acquisition highlights Chennai as a destination that is now attracting occupier interest, especially from global capability centres. Within that, Porur stands out as a micro-market with long-term fundamentals.

 

“As we expand our footprint, our focus remains on high-quality ‘offices of the future’ that meet the expectations of our investors and set new benchmarks for commercial real estate in India,” Puri added.

 

According to NCW, the transaction is one of the largest in the rapidly expanding Indian office market. It also marks the largest trade executed by any domestic fund in a space otherwise dominated by global capital pools.

 

Earlier, in May, PRIME acquired Prius Platinum, a grade-A office space in South Delhi’s Saket District Centre, for Rs 750 crore 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. The fund focuses on grade-A+ “offices of the future” across key micro-markets in the National Capital Region (NCR), Bengaluru, Pune, Mumbai, Chennai, and Hyderabad.

 

Additionally, the total fund size of PRIME is Rs 3,000 crore. The fund achieved its first close at almost Rs 1,700 crore in January 2025.