Nuvama Asset Management, a subsidiary of Nuvama Wealth Management specializing in alternative investments, has partnered with global real estate services firm Cushman & Wakefield to raise ₹17 billion in the initial close of their inaugural real estate fund. The capital was sourced from domestic investors, including high-net-worth individuals (HNIs) and family offices, reflecting growing local interest in India’s commercial real estate market.
The fund, known as the Prime Offices Fund, targets investments in Grade A office properties across India’s six primary markets: Mumbai, Bengaluru, the National Capital Region, Pune, Chennai, and Hyderabad. These cities represent over 70% of the country’s office leasing activity. The fund aims to achieve a total corpus of ₹30 billion within the next two quarters.
This six-year, Category-II Alternative Investment Fund (AIF) plans to allocate its resources over the next two years, focusing on new developments and fully leased, completed projects. According to Anshul Jain, CEO of Cushman & Wakefield India, Southeast Asia, and APAC Tenant Representation, the initiative seeks to establish premium office spaces in India while ensuring competitive returns for investors.
Nuvama Wealth Management currently manages ₹4.41 trillion in client assets, serving over 1.2 million affluent HNIs and 4,050 ultra-high-net-worth families in India. Cushman & Wakefield, a global real estate services firm operating in 60 countries, reported $9.5 billion in revenue in 2023. Together, their joint venture—Nuvama and Cushman Wakefield (NCW) Asset Management—aims to strengthen investment opportunities in India’s commercial real estate sector.
India’s office real estate market continues to draw institutional interest due to its stability and strong economic growth. Global firms like Blackstone, Brookfield, GIC, and Warburg Pincus have been major contributors to the sector, showcasing its sustained appeal.
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By Proptechbuzz
By Ravi Kumar