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

Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), has acquired Prius Platinum, a grade A office space in South Delhi’s Saket District Centre for Rs 750 crore.

 

The property has been acquired from a fund consortium led by Kotak Alternate Asset Managers (Kotak Alt). Kotak Special Situations Fund, managed by Kotak Investment Advisors, had bought the property for Rs 450 crore under the Insolvency and Bankruptcy Code (IBC) back in March 2021. This reflects about a 66.7 per cent increase in the property's valuation.

 

PRIME is a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield. 

 

 

The property spans an area of 0.3 million square feet and 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 Rs 3,000 crore. The fund achieved its first close at almost Rs 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 funds’ deployment.

 

JLL India was the transaction advisor for the deal.