NCW Prime Offices Fund acquires 3 lakh sq ft office space in South Delhi for about Rs 700 cr

New Delhi, May 27 (PTI) Prime Offices Fund, set up by Nuvama and Cushman & Wakefield, has acquired a 3 lakh sq ft area in South Delhi for around Rs 700 crore as part of its strategy to build a portfolio of rent-yielding commercial properties.

The Prime Offices Fund is a commercial real estate focussed fund managed by Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW), a joint venture between Nuvama Asset Management Ltd and Cushman and Wakefield.

In a statement on Tuesday, NCW said the Prime Offices Fund has acquired 'Prius Platinum', a premium office space in South Delhi's Saket District Centre.

The property was acquired from a fund managed by Kotak Alternate Asset Managers Ltd-led consortium.

Spanning across 0.3 million (3 lakh) sq ft, the property was acquired by the Kotak consortium through the IBC (Insolvency and Bankruptcy Code) process in 2021.

Since then, it has undergone a comprehensive transformation including upgrades, ESG initiatives and enhancing operational performance, the statement said.

The property is 95 per cent leased.

NCW did not mention the deal value.

Sources said the deal has been struck at a value of around Rs 700 crore.

NCW said this acquisition reinforces PRIME fund's strategy of investing in high-quality office spaces across India's prime commercial hubs.

Gaurav Puri, Chief Investment Officer of NCW, said, "This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund's (PRIME) strategy of creating a high quality, sustainable, income-generating portfolio. With India's commercial real estate sector continuing to show strong fundamentals, this acquisition marks an important milestone in delivering world-class investment solutions for our investors." 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.

It offers full-suite capabilities for investing in commercial real estate and aims to open access for domestic investors to participate in high-quality real estate opportunities. NCW's flagship fund, Prime Offices Fund (PRIME), received SEBI approval in 2024 and marked its first close in 2025. PTI MJH HVA