Prime Offices Fund Acquires Prius Platinum: A Strategic Real Estate Move in South Delhi
Prime Offices Fund, managed by Nuvama and Cushman & Wakefield, acquires Prius Platinum, a premium Grade A office space in Saket, South Delhi. The strategic move reflects a growing trend in India's commercial property sector, driven by stable rental income and ESG initiatives.
Real EstateOffice SpaceCommercial PropertyInvestmentEsgReal Estate NewsMay 27, 2025
The deal comes at a time when India’s commercial property sector is gaining attention from both institutional and retail investors for its potential to offer stable, inflation-hedged rental income, especially from marquee properties with long-term tenants.
Prius Platinum spans 0.3 million sq. ft. and was previously owned by a consortium led by Kotak Alternate Asset Managers Limited. The property was originally acquired via the Insolvency and Bankruptcy Code (IBC) route in 2021 and has since undergone extensive upgrades, including ESG initiatives, modernisation, and a leasing push.
The building is now 95% leased, with a weighted average lease expiry (WALE) of 5 years — a metric that provides comfort to long-term investors seeking predictable income flows.
According to Gaurav Puri, Chief Investment Officer at NCW, Prius Platinum fits perfectly into PRIME’s vision of creating a sustainable, high-quality, income-generating portfolio. With tenants from legal, pharma, and financial services sectors, the property is positioned to deliver consistent rental yields.
From a personal finance perspective, investments in such commercial office spaces — either directly (for high-net-worth individuals) or indirectly via managed funds like PRIME — are becoming a popular hedge against equity market volatility and low-interest fixed deposits.
This move also reflects a broader trend of 'value creation through transformation' — where distressed or under-utilised assets are revamped to create premium, ESG-compliant commercial hubs.
Rahul Chhaparwal, Partner at Kotak Alternate Asset Managers, called the transaction a 'testament' to the firm’s ability to turn around distressed assets and extract long-term value. He added that the complete revival of Prius Platinum highlights Kotak’s sustainability-led asset management strategy.
NCW (Nuvama-Cushman JV): A 50:50 joint venture between Nuvama Asset Management (the alternative investment arm of Nuvama Wealth Management Ltd) and Cushman & Wakefield, a global real estate services firm. Their Prime Offices Fund received Sebi approval in 2024 and had its first close in 2025. It targets high-growth office spaces across India.
Kotak Alternate Asset Managers Limited: A part of the Kotak Mahindra Group, Kotak Alt has managed over $22 billion across private equity, real estate, infrastructure, and credit. Their real estate vertical focuses on value investing and revival strategies.
Frequently Asked Questions
What is Prime Offices Fund?
Prime Offices Fund (PRIME) is a commercial real estate fund managed by Nuvama and Cushman & Wakefield (NCW). It targets high-growth office spaces across India and aims to create a sustainable, high-quality, income-generating portfolio.
What is Prius Platinum?
Prius Platinum is a premium Grade A office space located in South Delhi’s high-demand Saket District Centre. It spans 0.3 million sq. ft. and is now 95% leased with a weighted average lease expiry (WALE) of 5 years.
Why is the acquisition of Prius Platinum significant?
The acquisition of Prius Platinum is significant because it reflects the growing trend in India’s commercial property sector, driven by stable rental income and ESG initiatives. It also showcases the ability to turn around distressed assets and extract long-term value.
What is the role of NCW in this acquisition?
NCW (Nuvama-Cushman JV) is a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield. They manage the Prime Offices Fund and are responsible for the strategic acquisition and management of properties like Prius Platinum.
What is the significance of the 95% lease occupancy at Prius Platinum?
The 95% lease occupancy at Prius Platinum is significant because it provides long-term investors with predictable income flows and a sense of security, making it an attractive investment in the commercial real estate sector.
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