NCW Achieves Final Close at Rs 4000 Crore for Flagship PRIME Offices Fund, Builds Multi-City Institutional Office Platform
Mumbai, July 8: Nuvama and Cushman & Wakefield Management Private Limited (NCW), the 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield, announced the final close of its flagship PRIME Offices Fund (PRIME) (the “Fund”) at approximately Rs 4,000 crore.The Fund, launched to provide Indian investors access to institutional-quality commercial office assets in India, was originally launched with a target corpus of Rs 3000 crore. Strong investor demand, coupled with a robust and sizeable deployment across India’s office markets, led NCW to increase the fund size, with the expanded corpus now fully subscribed, Nuvama and Cushman & Wakefield Management said in a press release.
The Fund has already committed approximately 45% of its capital, reflecting strong execution alongside a disciplined investment strategy.
Commenting on the milestone, Gaurav Puri, Chief Investment Officer, NCW said, “We are grateful for the confidence and support of our investors. The successful final close of PRIME reflects conviction in both India’s office sector and our investment strategy. The ability to expand the Fund beyond its original target underscores the strength of investor interest and the quality of opportunities available in the market.
India’s office market continues to benefit from structural growth drivers, including the growth of Global Capability Centres, expanding front-office operations and sustained demand for high-quality workplaces. With a strong foundation now in place, we remain focused on disciplined deployment and long-term value creation as we pursue opportunities across our target markets “
Since its launch, PRIME has established a diversified institutional-grade office platform across key office micro-markets in India. The Fund has created a portfolio of approximately 4 million square feet high quality office spaces across the country. The portfolio today is home to more than 70 occupiers, with over 50% of tenants comprising Global Capability Centres (GCCs) and more than 20% representing front office operations.
