Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman and Wakefield Management Private Limited (NCW), has acquired a 1.1 million sq ft development Grade A office space in Pune’s Kharadi, the company said in a statement.
The acquisition of the office asset TenSteps marks the fund’s entry into its third city. The 1.1 million sq ft development has been acquired through a joint venture, with PRIME holding a 51% stake and Keppel owning the remaining share, the statement said.
With this transaction, the fund’s total portfolio will expand to over 3.8 million sq ft across Delhi NCR, Chennai and Pune, the company said.
PRIME said that the acquisition signals the company’s expansion strategy focused on building a diversified, institutional-grade office platform across India’s major business hubs. “Pune’s established position as a technology and Global Capability Centre (GCC) hub aligns well with PRIME’s focus on acquiring high-quality assets in key office markets”, it said.
TenSteps is an IGBC LEED Platinum pre-certified development located in Kharadi, one of Pune’s established office corridors.
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“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. Pune fits squarely within this framework,” Gaurav Puri, Chief Investment Officer, NCW, said.
With nearly 3.8 million sq ft under management post-transaction, PRIME will continue to target assets in established micro-markets that offer depth of occupier demand, access to talent and long-term growth potential, the company said.
Nuvama and Cushman & Wakefield Management Private Limited (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.
