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.
NCW is an equal joint venture between Nuvama Asset Management Ltd and Cushman & Wakefield Management Pvt Ltd.
The Prime Offices Fund was launched with a ₹1,500 crore target corpus and an additional ₹1,500 crore green shoe option which aims to offer investment opportunities in India’s growing commercial real estate market.
The fund announced a ₹1,700 crore first close in January and is on track to raise the remaining ₹1,300 crore this year. The fund will focus on acquiring Grade A office properties in India’s top commercial hubs—Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad.
The property has been acquired from a fund consortium led by Kotak Alternate Asset Managers. 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.
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 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.”
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.”
