NCW Prime Offices Fund Acquires 3 Lakh Sq Ft Office Space in South Delhi for Rs 700 Crore
The NCW Prime Offices Fund, a joint venture between Nuvama and Cushman & Wakefield, has acquired a 3 lakh sq ft premium office space in South Delhi's Saket District Centre for approximately Rs 700 crore. This acquisition is part of the fund's strategy to build a portfolio of rent-yielding commercial properties.
Commercial Real EstateNcw Prime Offices FundSouth DelhiPrius PlatinumInvestment PortfolioReal EstateMay 27, 2025
The Prime Offices Fund is a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW), a joint venture between Nuvama Asset Management Ltd and Cushman and Wakefield. In a statement on Tuesday, NCW announced the acquisition of 'Prius Platinum', a premium office space located in South Delhi's Saket District Centre.
The property was acquired from a fund managed by a consortium led by Kotak Alternate Asset Managers Ltd. The property, spanning 3 lakh sq ft, was initially acquired by the Kotak consortium through the Insolvency and Bankruptcy Code (IBC) process in 2021. Since then, it has undergone significant improvements, including upgrades, ESG initiatives, and enhanced operational performance. The property is currently 95 per cent leased.
While NCW did not disclose the deal value, sources have indicated that the acquisition was finalized at around Rs 700 crore. This acquisition reinforces the Prime Offices Fund's strategy of investing in high-quality office spaces across India's prime commercial hubs.
Gaurav Puri, Chief Investment Officer of NCW, stated, '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 showing strong fundamentals, this acquisition marks an important milestone in delivering world-class investment solutions for our investors.'
NCW is a 50:50 joint venture between Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd, and global real estate services firm Cushman & Wakefield. The company offers a comprehensive suite of capabilities for investing in commercial real estate, aiming to open access for domestic investors to participate in high-quality real estate opportunities. NCW's flagship fund, Prime Offices Fund (PRIME), received SEBI approval in 2024 and marked its first close in 2025.
The acquisition of 'Prius Platinum' is a significant step forward for the Prime Offices Fund, positioning it as a leading player in the Indian commercial real estate market. This move is expected to generate substantial returns for investors while contributing to the growth and development of the commercial real estate sector in India.
Frequently Asked Questions
What is the NCW Prime Offices Fund?
The NCW Prime Offices Fund is a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW), a joint venture between Nuvama Asset Management Ltd and Cushman and Wakefield. It aims to build a portfolio of high-quality, rent-yielding commercial properties.
What property did the NCW Prime Offices Fund acquire?
The NCW Prime Offices Fund acquired 'Prius Platinum', a premium office space located in South Delhi's Saket District Centre, spanning 3 lakh sq ft.
What is the acquisition value of 'Prius Platinum'?
The acquisition of 'Prius Platinum' was reportedly finalized at around Rs 700 crore.
What improvements were made to 'Prius Platinum' before the acquisition?
The property underwent comprehensive upgrades, ESG initiatives, and enhanced operational performance since it was acquired by a Kotak Alternate Asset Managers Ltd-led consortium through the IBC process in 2021.
Who is Gaurav Puri and what is his role in NCW?
Gaurav Puri is the Chief Investment Officer of NCW. He plays a crucial role in the strategic direction and investment decisions of the Prime Offices Fund.
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