Prime Offices Fund Secures Prominent Delhi Office Space in Strategic Move
Prime Offices Fund (PRIME) has acquired the high-demand Prius Platinum office space in South Delhi, marking a significant move in India’s commercial real estate sector.
Commercial Real EstateOffice SpaceInvestmentReal Estate FundEsgReal EstateMay 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)?
Prime Offices Fund (PRIME) is a commercial real estate fund managed by Nuvama and Cushman & Wakefield (NCW). It focuses on acquiring and managing high-growth office spaces across India.
What is Prius Platinum?
Prius Platinum is a premium Grade A office space located in the high-demand Saket District Centre in South Delhi, spanning 0.3 million sq. ft.
Who previously owned Prius Platinum?
Prius Platinum was previously owned by a consortium led by Kotak Alternate Asset Managers Limited.
What upgrades has Prius Platinum undergone?
Prius Platinum has undergone extensive upgrades, including ESG initiatives, modernisation, and a leasing push, since its acquisition via the Insolvency and Bankruptcy Code (IBC) route in 2021.
What is the weighted average lease expiry (WALE) of Prius Platinum?
The weighted average lease expiry (WALE) of Prius Platinum is 5 years, providing long-term investors with predictable income flows.
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