January 2025: Nuvama and Cushman & Wakefield Management Private Limited (NCW) a
joint venture between Nuvama Asset Management and Cushman & Wakefield announced
the first close of its Prime Offices Fund (PRIME) (the “Fund”). The Fund achieved a corpus of
~INR 1700 cr.
The Fund aims to offer investment opportunities to investors in the Indian commercial real
estate sector, a market historically dominated by global players. The Fund will focus on Grade
A+ “Offices of the Future” 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.
Commenting on this announcement, Anshu Kapoor, President & Head, Nuvama Asset
Management said, “We are delighted with the overwhelming response received for the JV
and the Prime Offices Fund (PRIME) investing primarily in commercial real estate. We have
been able to achieve a first close within 9 months of commencing our fund-raising efforts.
We intend to achieve the targeted INR 3000 cr fund size in the next two quarters.”
He further added “The Indian commercial real estate sector continues to demonstrate
remarkable resilience, emerging as one of the brightest spots for investors. At Nuvama, we
are committed to delivering high-quality alternative investment solutions, and this marks a
significant step towards the journey. We are now on the threshold of making our first
investment.”
Commenting on the announcement, Anshul Jain, Chief Executive – India, Southeast Asia &
APAC Tenant Representation, Cushman & Wakefield said, “This successful first close of the
Prime Offices Fund (PRIME) reflects the growing confidence in India’s commercial real estate
market and the trust our investors have placed in us. 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.
Commenting on the announcement, Gaurav Puri, CIO, NCW, stated, “We are thrilled with the
response received on the Fund and the faith shown by our investors in the JV platform. We
remain committed to leveraging our unique capabilities and pan India focus to deliver a
high-quality office portfolio and create long-term value for our investors.”
About Nuvama Group
Nuvama has built a strong foundation of trust and reputation in the Indian market over 25
years. As one of the leading integrated wealth management firms in India, Nuvama oversees
₹4,41,276 crore or ~₹4.4 trillion of client assets and caters to a diverse set of clients which
include ~12 lac affluent and HNIs and ~4,050+ of India’s most prosperous families, as of Q2
FY25. Nuvama offers wealth management solutions, covering investment advisory, estate
planning, investment management, lending and broking services for individuals, institutions,
CXOs, professional investors, and family offices. It also offers a wide bouquet of alternative
asset management products and is a leading player in capital markets.
For more details, please visit: https://www.nuvama.com
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm
for property owners and occupiers with approximately 52,000 employees in nearly 400 offices
and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of
property, facilities and project management, leasing, capital markets, and valuation and
other services. It also receives numerous industry and business accolades for its awardwinning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and
more. For additional information, visit www.cushmanwakefield.com
For further information contact
Nuvama Group
Media Relations
Name: Zohar Reuben
Contact: +91 74001 80816
Email: zohar.reuben@nuvama.com
Cushman & Wakefield
Media Relations
Name: Aditi Vij
Contact: +91 9811905633
Email: aditi.vij@cushwake.com
PR Partner
Name: Ashish Trivedi
Contact: +91 9892500644
Email: ashisht@avianwe.com
PR Partner
Name: Sayesha Arora
Contact: +91 9871922273
Email: sayesha.arora@mslgroup.com