Prime Offices Fund Expands Portfolio with 1.1 Million Sq Ft Office Asset in Pune’s Kharadi
Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman and Wakefield Management Private Limited (NCW), has acquired a 1.1 million sq ft Grade A office space in Pune’s Kharadi. This significant acquisition marks the fund’s entry into its third city, following its presence in Delhi NCR and Chennai.
The office asset, known as TenSteps, has been acquired through a joint venture, with PRIME holding a 51% stake and Keppel owning the remaining share. This transaction expands PRIME’s portfolio to over 3.8 million sq ft across key business hubs in India.
Pune’s established position as a technology and Global Capability Centre (GCC) hub aligns well with PRIME’s focus on acquiring high-quality assets in key office markets. TenSteps is an IGBC LEED Platinum pre-certified development located in Kharadi, one of Pune’s established office corridors, known for its robust infrastructure and strategic location.
Gaurav Puri, Chief Investment Officer at NCW, stated, “This transaction reinforces the investment principles we set out with—disciplined capital deployment in prominent growth markets with a clear focus on asset quality. As we deploy the Fund corpus, our priority remains building a portfolio of Grade-A+ assets in key office markets that offer long-term visibility on demand and value creation for our investors. Pune fits squarely within this framework.”
With nearly 3.8 million sq ft under management post-transaction, PRIME will continue to target assets in established micro-markets that offer depth of occupier demand, access to talent, and long-term growth potential. The fund’s strategy is to build a diversified, institutional-grade office platform across India’s major business hubs, focusing on high-quality, sustainable, and strategically located assets.
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. This partnership brings together the strengths of both companies to create a robust and dynamic real estate investment and management platform in India.
