The Prime Offices Fund, established by the joint venture of Nuvama and Cushman & Wakefield, successfully closed fundraising at Rs 400 billion due to significant investor interest. The fund has already deployed approximately 45% of its capital.
Fund Formation Details
Cushman & Wakefield (NCW) formed a 50:50 joint venture (JV) with the asset management firm Nuvama Asset Management. This partnership manages commercial real estate projects. The fund was launched in 2024 with an initial target of raising Rs 300 billion, but its size was increased after NCW reported high investor demand and substantial investment in India's office markets.
Investment Strategy and Portfolio
Now that the expanded capital is fully subscribed, the fund noted that it has deployed about 45 percent of its funds, indicating effective operation and adherence to a disciplined investment policy. The Prime Offices Fund possesses a diversified platform of institutional-grade office spaces, covering six leading micro-markets for office real estate in India: Delhi National Capital Region, Mumbai, Bangalore, Pune, Chennai, and Hyderabad.
Scale and Leasing
According to NCW, the fund has built a portfolio comprising approximately 4 million square feet of high-quality office space across the country. Furthermore, these premises are leased to over 70 tenants, with more than half of the tenants being Global Capability Centers (GCCs), and over 20 percent representing front-office operations.
Management View
Gaurav Puri, Investment Director at NCW, emphasized that the successful closing of the Prime Offices Fund reflects confidence in both the Indian office sector and the company's investment strategy. He added that, with a solid foundation now in place, they continue to focus on disciplined deployment of capital and creating long-term value while seeking new opportunities. Puri also noted that the Indian office market continues to benefit from structural growth factors such as the expansion of GCCs, the increase in front-office operations, and sustained demand for quality workspaces.