NCW Prime Offices Fund acquires 3 lakh sq ft commercial property in Delhi from Kotak-led consortium for around ₹750 cr

Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), a joint venture between Nuvama Asset Management Limited and Cushman and Wakefield, announced on May 27 the acquisition of Prius Platinum, a premium Grade A office space in South Delhi’s Saket District Centre, for around ₹750 crore.  

The 3 lakh sq ft operational property was acquired from a fund managed by Kotak Alternate Asset Managers Limited led consortium, the company said in a statement.

Sources told HT.com that the premium Grade A office space in South Delhi was acquired for around ₹750 crore. They said the monthly rent is around ₹5 to ₹6 crore.

Spanning across 3 lakh sq.ft, the property was acquired by the Kotak consortium through the IBC process in 2021. Since then, it has undergone a comprehensive transformation including upgrades, ESG initiatives and enhancing operational performance. These concerted efforts have led to an increase in leasing activity. The transaction marks a significant milestone in the firm’s value-creation strategy and commitment to sustainability-driven investments, the statement said.

Is the commercial property leased?

The property is 95% leased. It provides stable rental income with a weighted average lease expiry (WALE) of five years and in-place lock-in periods, ensuring long-term income stability. The asset boasts of a marque tenant stack including leading legal, pharma and financial institutions of India and other front office tenants. This acquisition reinforces PRIME fund’s strategy of investing in high-quality office spaces across India’s prime commercial hubs, the statement said.

JLL India was the transaction advisor for the deal. The consultancy did not comment on the transaction.

“We are excited to acquire Prius Platinum. This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund’s (PRIME) strategy of creating a high quality, sustainable, income-generating portfolio. With India’s commercial real estate sector continuing to show strong fundamentals, this acquisition marks an important milestone in delivering world-class investment solutions for our investors,” said Gaurav Puri, CIO, NCW.

“We are proud of the journey this asset has undergone — from acquisition through IBC to a complete revival as a state-of-the-art, ESG-compliant commercial hub. This sale is a testament to the strength of our asset management capabilities and our ability to create long-term value for stakeholders through sustainability-focused strategies,” said Rahul Chhaparwal at Kotak Alternate Asset Managers Limited.

Nuvama and Cushman & Wakefield Management Private Limited (NCW) is a 50:50 joint venture between Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd, and global real estate services firm Cushman & Wakefield. 

NCW offers full-suite capabilities for investing in commercial real estate and aims to open access for domestic investors to participate in high-quality real estate opportunities. NCW’s flagship fund, the Prime Offices Fund (PRIME), received SEBI approval in 2024 and marked its first close in 2025. The fund targets investments in prime commercial office assets across key high-growth micro-markets in India, the statement said. 

Kotak Alternate Asset Managers Limited, a part of Kotak Mahindra Group, focuses on alternate asset management and investment advisory businesses. Kotak Alt was set up in early 2005 and has raised/managed/advised over $22 billion across different asset classes including Private Equity, Real Estate, Infrastructure, Special Situations, Private Credit and Investment Advisory. The asset management business and investment advisory vertical are managed by independent specialist teams, the statement said.

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