Prime Offices Fund (PRIME), managed by Nuvama and Cushman & Wakefield (NCW), has made its first acquisition by shopping for Prius Platinum, a main Grade A workplace property in Delhi’s Saket District Centre, for about ₹750 crore.
NCW is an equal three way partnership between Nuvama Asset Management Ltd and Cushman & Wakefield Management Pvt Ltd.
The property, which is 95% leased to a number of tenants, was bought from a fund managed by a Kotak Alternate Asset Managers Ltd-led consortium, mentioned an individual aware of the matter.
The 0.3 million sq. ft constructing was earlier acquired by the Kotak-led group by means of the Insolvency and Bankruptcy Code (IBC) course of in 2021 and underwent upgrades to convey it as much as institutional requirements.
“This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund’s strategy of creating a high quality, sustainable, income-generating portfolio,” mentioned Gaurav Puri, chief funding officer, NCW.
“With India’s business actual property sector persevering with to indicate sturdy fundamentals, this acquisition marks an vital milestone in delivering world-class funding options for our traders,” he added.
Rahul Chhaparwal, companion at Kotak Alternate Asset Managers, mentioned the exit validates their sustainability-led asset administration technique and skill to create long-term worth for stakeholders.
JLL India was the unique advisor to the transaction.
Fundraising and funding roadmap
The Prime Offices Fund was launched with a ₹1,500 crore goal corpus and a further ₹1,500 crore inexperienced shoe choice. The fund goals to supply funding alternatives in India’s rising business actual property market.
NCW introduced a ₹1,700 crore first shut in January and is on monitor to boost the remaining ₹1,300 crore this yr. The fund will give attention to buying Grade A workplace properties in India’s prime business hubs—Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad.
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Prime Offices Fund, Nuvama, Cushman & Wakefield, NCW, Prius Platinum, Kotak Alternate Asset, Delhi actual property, business property, Grade A places of work, IBC acquisition, workplace fund India
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