Investors back Indian commercial office assets as PRIME Offices Fund exceeds original target.
The NCW joint venture has successfully closed its PRIME Offices Fund at ₹4,000 crore following high investor demand.
The Nuvama and Cushman & Wakefield joint venture has secured ₹4,000 crore for its latest real estate fund. This partnership is known as NCW. It initially targeted a smaller corpus of ₹3,000 crore for its PRIME Offices Fund. However, strong investor appetite led to a significant increase in the final total.
The fund focuses on providing access to high-quality commercial office assets across India. Currently, the management team has already committed 45 per cent of this capital. These investments span major cities throughout the country. Consequently, the portfolio now includes about 4 million square feet of premium workspace.
NCW is an equal joint venture between Nuvama Asset Management and Cushman & Wakefield. Leadership at the firm recently confirmed the final close of the fund. They noted that the successful raise reflects deep conviction in India’s office sector. Therefore, the strategy remains focused on structural growth drivers.
These drivers include the rapid expansion of Global Capability Centres across the nation. Furthermore, front-office operations continue to grow. There is also a sustained demand for high-quality workplaces among corporate tenants. Consequently, the fund aims to capitalise on these enduring market trends.
(Source: BusinessLine)
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