Nuvama-Cushman Fund Acquires Premium Office Space in Delhi for Rs 763 Crore

Prime Offices Fund, a commercial real estate fund managed by Nuvama Asset Management and Cushman & Wakefield, has acquired a premium office space in Saket District Centre in south Delhi for Rs 763 crore. The property was purchased from a fund managed by a Kotak Alternate Asset Managers-led consortium.

The office space spans 0.3 million square feet and is a Grade A property, known for its modern amenities and central air conditioning. The property was acquired by the Kotak consortium through the insolvency process in 2021. Since then, it has undergone significant upgrades, which have led to increased leasing activity.

Currently, the property is 95% leased, with tenants including leading legal, pharma, and financial institutions. This high occupancy rate underscores the property's appeal and the strong demand for quality office space in the region.

Gaurav Puri, Chief Investment Officer of Nuvama and Cushman & Wakefield Management (NCW), commented on the acquisition, stating, “This rare institutionally owned asset perfectly aligns with the Prime Offices Fund’s (PRIME) strategy of creating a high-quality, sustainable, income-generating portfolio.” The acquisition is a strategic move that enhances the fund's portfolio and positions it well in the competitive Delhi real estate market.

The acquisition also highlights the growing trend of institutional investors seeking high-quality office properties in key locations. The Delhi market, in particular, has seen significant interest from both domestic and international investors due to its robust economic growth and strong tenant base.

Nuvama Asset Management and Cushman & Wakefield are well-known players in the real estate sector, with a track record of successful investments and property management. This acquisition further cements their position as leaders in the commercial real estate market in India.

The property's location in Saket District Centre, a bustling commercial hub in south Delhi, adds to its value. The area is home to numerous corporate offices, retail outlets, and residential complexes, making it an attractive location for businesses looking to establish a strong presence in the city.

In conclusion, the acquisition of this premium office space by Prime Offices Fund is a strategic move that aligns with the fund's goals of creating a high-quality, sustainable, and income-generating portfolio. It also reflects the strong demand for Grade A office properties in key locations like Saket, which continues to attract significant investment from institutional investors.