Prime Offices Fund Secures 51% Stake in Pune's Major Office Development

Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), has acquired a 51% stake in TenSteps, a 1.1 million sq ft office development in Pune’s Kharadi micro-market. The transaction has been executed through a joint venture structure, with Keppel retaining the remaining 49% stake in the project. The asset is currently in the process of being leased out.

This acquisition marks a significant expansion for PRIME’s office portfolio, which will now span approximately 3.8 million sq ft across key markets, including Delhi NCR, Chennai, and Pune. NCW, the fund manager, is a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield.

The Pune deal follows PRIME’s acquisition of a 2.4 million sq ft office campus in Chennai’s Porur area in September 2025. The Chennai property, spread over more than 12.6 acres, comprises three grade-A office towers with a gross leasable area of 2.4 million sq ft. This asset was acquired through a 100% buyout from Keppel’s real estate division at a transaction value of about ₹2,550 crore. Keppel had previously acquired the tech park from RMZ Corporation and CPP Investments.

The Kharadi micro-market in Pune is a highly sought-after location for office developments due to its strategic location and robust infrastructure. The acquisition of TenSteps further solidifies PRIME’s position in the commercial real estate market and aligns with the fund’s strategy to invest in high-quality, well-located office properties.

Nuvama Asset Management and Cushman & Wakefield Management, through their joint venture NCW, bring a wealth of experience and expertise in managing and developing commercial real estate assets. Their involvement in PRIME ensures that the fund can leverage best practices and innovative strategies to maximize returns for investors.

The acquisition of TenSteps is expected to attract a diverse range of tenants, including tech companies, financial institutions, and other corporate entities. The Kharadi micro-market has seen significant growth in recent years, driven by the presence of several leading IT and BPO companies, making it an attractive location for office developments.

As PRIME continues to expand its portfolio, the fund’s focus remains on acquiring and developing high-quality office properties in key markets. This strategy is designed to capitalize on the growing demand for office space in India, particularly in cities like Pune and Chennai, which are experiencing rapid economic growth and urbanization.

The successful acquisition of TenSteps and the Chennai office campus underscores PRIME’s commitment to delivering strong returns for its investors while contributing to the development of the commercial real estate sector in India.