NCW Prime Offices Fund Acquires Prestigious 3 Lakh Sq Ft Commercial Property in Delhi
NCW Prime Offices Fund has acquired a 3 lakh sq ft operational commercial property in South Delhi’s Saket District Centre for around ₹750 crore from a Kotak-led consortium.
Commercial PropertyReal EstateNcw Prime Offices FundPrius PlatinumKotak Alternate Asset ManagersReal Estate NewsMay 27, 2025
The 3 lakh sq ft operational property was acquired from a fund managed by Kotak Alternate Asset Managers Limited led consortium. Sources have confirmed that the premium Grade A office space in South Delhi was acquired for around ₹750 crore, with a monthly rent of approximately ₹5 to ₹6 crore.
Prius Platinum was initially acquired by the Kotak consortium through the IBC process in 2021. Since then, it has undergone significant upgrades, ESG initiatives, and enhancements in operational performance, leading to increased leasing activity. The transaction marks a significant milestone in the firm's value-creation strategy and commitment to sustainability-driven investments.
The property is 95% leased, providing stable rental income with a weighted average lease expiry (WALE) of five years and in-place lock-in periods, ensuring long-term income stability. The asset boasts a diverse tenant stack, including leading legal, pharma, and financial institutions of India and other front office tenants. This acquisition reinforces PRIME fund’s strategy of investing in high-quality office spaces across India’s prime commercial hubs.
JLL India was the transaction advisor for the deal. While the consultancy did not comment on the transaction, Gaurav Puri, CIO of NCW, expressed excitement about the acquisition. “We are excited to acquire Prius Platinum. This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund’s (PRIME) 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,” he said.
Rahul Chhaparwal at Kotak Alternate Asset Managers Limited also commented on the sale, stating, “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.”
Nuvama and Cushman & Wakefield Management Private Limited (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. NCW offers full-suite capabilities for investing in commercial real estate and aims to open access for domestic investors to participate in high-quality real estate opportunities. NCW’s flagship fund, the Prime Offices Fund (PRIME), received SEBI approval in 2024 and marked its first close in 2025. The fund targets investments in prime commercial office assets across key high-growth micro-markets in India.
Kotak Alternate Asset Managers Limited, a part of Kotak Mahindra Group, focuses on alternate asset management and investment advisory businesses. Kotak Alt was set up in early 2005 and has raised/managed/advised over $22 billion across different asset classes, including Private Equity, Real Estate, Infrastructure, Special Situations, Private Credit, and Investment Advisory. The asset management business and investment advisory vertical are managed by independent specialist teams.
Frequently Asked Questions
What is the size of the commercial property acquired by NCW Prime Offices Fund?
The commercial property acquired by NCW Prime Offices Fund is 3 lakh sq ft.
How much did NCW Prime Offices Fund pay for the property?
NCW Prime Offices Fund acquired the property for around ₹750 crore.
Who was the seller of the property?
The property was acquired from a fund managed by Kotak Alternate Asset Managers Limited led consortium.
What is the current leasing status of the property?
The property is 95% leased, providing stable rental income with a weighted average lease expiry (WALE) of five years.
What is the significance of this acquisition for NCW Prime Offices Fund?
This acquisition reinforces PRIME fund’s strategy of investing in high-quality office spaces across India’s prime commercial hubs and marks an important milestone in delivering world-class investment solutions for investors.
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