NCW Prime Offices Fund acquires grade A+ commercial asset in Pune

NCW-managed Prime Offices Fund enters Pune with 51% stake in 1.1 msf TenSteps asset; portfolio expands to 3.8 msf across three cities

Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management, has acquired a 51 per cent stake in TenSteps, a grade A+ commercial office asset in Kharadi, Pune.

 

The deal size was not disclosed. Keppel, a Singapore-based global asset manager and operator, retains the remaining stake. It had signed a forward-purchase agreement to acquire the project for close to Rs 1,000 crore in January 2023, sources say. Kohinoor Group and Mahalaxmi Group, Pune-based real estate developers, announced the delivery of the project in January 2026.

 

TenSteps is a 1.1 million square feet (msf) IGBC LEED Platinum pre-certified office development. The transaction marks PRIME’s entry into its third city, as the fund seeks to build a diversified, institutional-grade office portfolio across key Indian markets.

 

 

Following the acquisition, PRIME’s portfolio will expand to 3.8 msf across Delhi NCR, Chennai and Pune.

 

The fund said the expansion into Pune reflects its focus on markets with strong occupier demand, established talent ecosystems and long-term institutional relevance. Pune’s position as a technology and Global Capability Centre (GCC) hub aligns with PRIME’s strategy of acquiring high-quality office assets.

 

Gaurav Puri, chief investment officer of NCW, said, “This transaction reinforces the investment principles we set out with disciplined capital deployment in prominent growth markets with a clear focus on asset quality. As we deploy the fund corpus, our priority remains building a portfolio of grade A+ assets in key office markets that offer long-term visibility on demand and value creation for our investors. Pune fits squarely within this framework.”

 

NCW is a 50:50 joint venture between Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Limited, and Cushman & Wakefield. It provides investment management services in commercial real estate for domestic investors.

 

In September last year, PRIME acquired an office campus in Chennai from Keppel for about Rs 2,550 crore. In May 2025, the fund bought Prius Platinum, a grade A office asset in South Delhi’s Saket District Centre, for Rs 750 crore.

 

PRIME now has a total fund size of Rs 4,000 crore and achieved its first close at nearly Rs 1,700 crore in January 2025.