Nuvama-Cushman fund buys 51 pc stake in office asset at Pune for nearly Rs 1K cr

New Delhi, Mar 3 (PTI) Prime Offices Fund has acquired a 51 per cent stake in a commercial asset comprising 11 lakh sq ft workspace in Pune in a deal value of nearly Rs 1,000 crore.

The fund is managed by Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW).

In a statement on Tuesday, Prime said it has acquired a 51 per cent stake in TenSteps, a 1.1 million square feet Grade A+ office asset at Kharadi, Pune, from Keppel.

This transaction marks Prime's entry into its third city.

Keppel will retain the remaining 49 per cent stake in the asset.

Prime Offices Fund did not disclose the deal value.

However, market sources pegged the value of the 51 per cent stake at close to Rs 1,000 crore.

The Fund and Keppel are in the process of leasing this recently completed asset and have active tenant interest.

Following the transaction, Prime's portfolio will scale to 3.8 million sq. ft. across Delhi-NCR, Chennai and Pune.

Gaurav Puri, Chief Investment Officer, NCW, said, "This transaction reinforces the investment principles we set out with disciplined capital deployment in prominent growth markets with a clear focus on asset quality.

"As we deploy the Fund corpus, our priority remains building a portfolio of Grade-A+ assets in key office markets that offer long-term visibility on demand and value creation for our investors." In May 2025, the Prime acquired Prius Platinum, a premium Grade A 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.

In September 2025, the fund acquired another 2.4 million sq. ft. office campus located in Porur, Chennai.

The asset was acquired through a 100 per cent buyout from Keppel's real estate division, at a transaction value of about Rs 2,550 crore.

The 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.

NCW's flagship fund, the Prime Offices Fund, marked its first close in 2025.

The fund targets investments in prime commercial office assets across key high-growth micro-markets in India. PTI MJH DRR