In a significant move, Nuvama Asset Management and Cushman & Wakefield have announced a groundbreaking 50:50 joint venture named Nuvama and Cushman & Wakefield Management Private Limited (NCW). The strategic collaboration aims to provide a comprehensive suite of capabilities for investing in commercial real estate, initially focusing on offering investment opportunities to domestic investors in the Indian market. The venture plans to launch its first real estate fund, PRIME Offices Fund (PRIME), targeting a substantial INR 3000 crore investment in prime commercial offices across India’s high-growth markets.
The PRIME Offices Fund is designed to invest in Grade A+ “Offices of the future” in major Indian cities, including Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad. Leveraging Nuvama’s fund management expertise and Cushman & Wakefield’s global experience in the commercial real estate industry, the joint venture aims to cater to the rising demand for diversified, high-yield real estate opportunities in India.
Key industry leaders, including Matthew Bouw, Chief Executive, Asia Pacific at Cushman & Wakefield, highlighted India’s standout position in the global office sector. With the country’s economic growth, vast talent pool, and increasing demand for commercial spaces, the collaboration seeks to offer investors a compelling opportunity to capitalize on India’s thriving real estate market.
Nuvama’s Managing Director & CEO, Ashish Kehair, emphasized the partnership’s significance in providing domestic investors access to global best practices, top-notch fund management, and a unique ‘skin-in-the-game’ approach from both partners. Anshu Kapoor, President & Head of Nuvama Asset Management, and Anshul Jain, Managing Director, India & Southeast Asia at Cushman & Wakefield, expressed confidence in the venture’s ability to combine local market knowledge with global insights, creating an unrivaled value proposition for investors.
