NCW Prime Offices Fund Marks Pune Entry with Acquisition of ‘TenSteps’ in Kharadi

Mumbai, March 3, 2026: Prime Offices Fund (PRIME), the commercial real estate vehicle managed by the Nuvama and Cushman & Wakefield (NCW) partnership, has officially announced the acquisition of TenSteps, a Grade A+ commercial office asset located in the prominent Kharadi IT corridor of Pune. The transaction marks the Fund’s strategic entry into its third Indian city, further solidifying its multi-city office platform, the company said in a press release.

TenSteps is an institutional-grade development spanning approximately 1.1 million square feet and holds an IGBC LEED Platinum pre-certification. The acquisition was executed through a joint venture structure where PRIME holds a 51% controlling stake, while Keppel retains the remaining 49%. With this addition, PRIME’s total portfolio scales to approximately 3.8 million square feet across the high-growth markets of Delhi NCR, Chennai, and Pune.

The move into Pune reflects the Fund’s conviction in the city’s robust ecosystem of Global Capability Centres (GCCs) and technology firms. By targeting assets with high sustainability credentials and design-led efficiencies, the Fund aims to cater to global enterprises increasingly focused on operational performance and workplace quality.

Commenting on the strategic expansion, Gaurav Puri, Chief Investment Officer, NCW, stated: “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.”

This third acquisition underscores PRIME’s consistent execution track record and its selective, asset-led approach to portfolio building. As Pune continues to establish itself as a premier hub for talent and technology, the addition of a high-quality, sustainable asset like TenSteps is expected to provide long-term relevance and value for the Fund’s institutional investors.