Nuvama-Cushman & Wakefield JV Secures Rs 1,700 Crore for Office Asset Investment

The joint venture between Nuvama Asset Management and Cushman & Wakefield (NCW) has successfully raised Rs 1,700 crore for its new real estate fund, aimed at investing in office assets across key cities in India.

The fund, named the Prime Offices Fund (PRIME), marks the first closure for NCW’s investment initiative. With an ambitious target of Rs 3,000 crore, the venture aims to tap into the lucrative Indian commercial real estate market. PRIME will focus on Grade A+ office properties in high-demand micro-markets of six major cities: Bengaluru, Delhi NCR, Pune, Mumbai, Chennai, and Hyderabad.

According to Anshu Kapoor, President & Head of Nuvama Asset Management, the fund achieved its first close within nine months of initiating the fundraising process. This rapid progress highlights the growing investor confidence in the Indian real estate market, particularly in commercial office spaces. Kapoor also expressed the goal of reaching the targeted Rs 3,000 crore within the next two quarters.

The fund is designed to offer investment opportunities in a mix of new developments, completed properties, and leased office assets. This flexible approach is expected to cater to a broad range of investor profiles. The fund’s focus on Grade A+ office spaces reflects the growing demand for high-quality commercial real estate in India’s top cities, driven by factors like expanding business operations, evolving workspaces, and increasing corporate leasing activities.

Anshul Jain, Chief Executive of India, Southeast Asia & APAC Tenant Representation at Cushman & Wakefield, highlighted the strategic role of the JV in offering a comprehensive platform to meet the needs of both investors and tenants. By combining Nuvama’s expertise in fund management with Cushman & Wakefield’s knowledge of commercial real estate, the JV aims to create high-quality office spaces that align with modern work practices and investor expectations.

The fund is already in discussions with potential developers and property owners, with a robust pipeline of deals lined up for deployment. The focus on key office markets in India’s leading cities reflects the growth potential of the sector, particularly as businesses increasingly seek flexible and prime office spaces. The JV’s efforts align with the broader trend of commercial real estate expanding in response to India’s economic growth and corporate demand.

India's commercial office sector has been experiencing significant growth, with office leasing activity increasing in major cities. Cushman & Wakefield’s recent reports indicate that demand for office space is on the rise, and the sector is expected to continue to see robust activity throughout 2025. The successful launch of the Prime Offices Fund demonstrates the confidence investors have in the country’s real estate market, further supporting its development as a key global investment destination.

Through this partnership, Nuvama and Cushman & Wakefield aim to reshape office spaces in India, responding to the growing demand for high-quality commercial properties. By targeting key assets in prime locations, the joint venture seeks to drive growth in India’s office real estate market and deliver strong returns for investors.