Nuvama-Cushman & Wakefield JV Raises Rs 1,700 Crore For Investment In Office Assets

Nuvama and Cushman & Wakefield Management Pvt. has raised Rs 1,700 crore under its new real estate fund for making investments in office assets across major cities in India.

The NCW is a joint venture between wealth management firm Nuvama Asset Management and global real estate consultant Cushman & Wakefield.

In a statement on Thursday, the JV firm announced the first close of its Prime Offices Fund (PRIME). The fund achieved a corpus of around Rs 1,700 crore, it added.

The Fund aims to offer investment opportunities to investors in the Indian commercial real estate sector.

The Fund will focus on Grade A+ offices across key micro-markets in India's top six cities --”Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad.

The Fund targets investments across a portfolio of new developments, as well as completed and leased assets and has already built a robust deal pipeline for deployment.

Anshu Kapoor, President & Head, Nuvama Asset Management said, "We have been able to achieve a first close within nine months of commencing our fund-raising efforts. We intend to achieve the targeted Rs 3,000 crore fund size in the next two quarters."

Anshul Jain, Chief Executive, India, Southeast Asia & APAC Tenant Representation, Cushman & Wakefield said the first closure reflects the growing confidence in India's commercial real estate market and the trust investors have placed in the JV.

"By combining the fund management capabilities of Nuvama Asset Management with Cushman & Wakefield's unmatched commercial real estate expertise, we have addressed the need for a platform that caters to the evolving aspirations of India's investors. This is just the beginning we look forward to strategically deploying these funds to shape world-class office spaces that redefine the future of work in India while striving to deliver strong returns," Jain said.