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The NCW Prime Offices Fund, a joint venture by Nuvama Asset Management and Cushman & Wakefield, has acquired Prius Platinum, a premium Grade A office building in South Delhi's Saket District Center. The 0.3 million sq. ft. property was purchased from a Kotak Alternate Asset Managers-led consortium, which had acquired it in 2021 via the Insolvency and Bankruptcy Code (IBC) process for INR 450 crore. The building has since undergone significant upgrades, including ESG-focused enhancements, achieving a 95% occupancy rate with a five-year WALE and strong lock-in periods. The NCW Prime Offices Fund recently raised INR 1,700 crore and targets a corpus of INR 3,000 crore. Its investment focus is on developing Grade A+ 'Offices of the Future' across India's top commercial hubs-NCR, Bengaluru, Mumbai, Pune, Chennai, and Hyderabad-aligned with evolving corporate workspace trends and sustainable development practices.
The NCW Prime Offices Fund, a commercial real estate fund run in conjunction by Nuvama Asset Management and Cushman & Wakefield, acquired Prius Platinum, a high-end Grade A office building located in South Delhi's Saket District Center, earlier this week. This acquisition covers approximately 0.3 million square feet of prime office space and was purchased from a consortium led by Kotak Alternate Asset Managers Limited. Advertisement
The previous acquisition of Prius Platinum by the Kotak-led consortium occurred in 2021 through the Insolvency and Bankruptcy Code (IBC) mechanism, at a transaction value of INR 450 crore. Since then, the property has undergone substantial enhancements, including modernisation works and the adoption of Environmental, Social, and Governance (ESG) practices, aimed at elevating the building's sustainability and tenant experience.
These improvements have significantly bolstered the asset's profile, resulting in a commendable occupancy rate of around 95%. Furthermore, the property benefits from a weighted average lease expiry (WALE) of five years alongside in-place lock-in periods, securing a stable and predictable rental revenue stream for its owners.
The NCW Prime Offices Fund completed its first close earlier this year, raising approximately INR 1,700 crore, and aims to reach a corpus of INR 3,000 crore over the coming two quarters. The fund's investment mandate focuses on acquiring and developing Grade A+ 'Offices of the Future' in India's top six commercial real estate markets, including Bengaluru, the National Capital Region (NCR), Pune, Mumbai, Chennai, and Hyderabad.
By targeting key micro-markets within these cities, the fund intends to build a high-quality portfolio of income-generating office assets that meet evolving corporate demands and workplace trends. With an already strong deal pipeline, the fund is positioned to strategically deploy capital to develop and acquire office spaces that cater to the future of work in India.
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