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Nuvama and Cushman & Wakefield's joint venture fund has finalised the acquisition of a large office campus in Chennai from Singapore-based Keppel group in a deal worth INR 2,550 crore. The transaction was carried out under their flagship Prime Offices Fund, which aims to invest in prime commercial properties across high-growth micro-markets in India. The Chennai campus, spread across 2.4 million sq ft in Porur, marks the second major acquisition under the fund.
Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW), a 50:50 joint venture between Nuvama Asset Management and global real estate consultancy Cushman & Wakefield, has completed the acquisition of an office campus in Porur, Chennai. The asset spans 2.4 million sq ft and was bought from Keppel's real estate arm in Singapore. The deal, valued at INR 2,550 crore, was executed through a complete buyout. Advertisement
According to a statement issued during the past week, the acquisition was made under NCW's flagship Prime Offices Fund (PRIME). The fund had marked its first close earlier this year and has been targeting investments in premium commercial office assets located in key high-growth micro-markets across India.
Gaurav Puri, Chief Investment Officer of NCW, stated that this second acquisition under PRIME served as a validation of their investment strategy and execution. He explained that the fund was committed to creating a portfolio that aligns with the changing requirements of global occupiers, particularly in terms of sustainability, agility, and institutional-grade quality.
By securing this deal, the joint venture has reinforced its strategy of expanding into high-growth markets with a focus on sustainable and future-ready assets. The move reflects investor confidence in Chennai's office market and underlines the long-term strength of India's commercial real estate sector.
Source - PTI
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