Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), has acquired Prius Platinum, a premium Grade A office property in Delhi’s Saket District Centre, from a fund managed by a Kotak Alternate Asset Managers Limited-led consortium.
The 0.3 million sq. ft property, acquired by the Kotak consortium via the Insolvency and Bankruptcy Code (IBC) process in 2021, has since undergone a significant transformation. The asset has seen enhancements in infrastructure, sustainability features, and operational performance. These improvements have boosted leasing activity, leading to the property being 95% leased.
The asset currently hosts a strong tenant mix, including prominent names in legal, pharmaceutical, and financial services sectors. With a weighted average lease expiry (WALE) of five years and lock-in periods in place, the acquisition ensures predictable long-term rental income.
The transaction aligns with PRIME’s investment thesis of acquiring high-quality, income-generating assets in key commercial hubs. “This rare, institutionally owned asset perfectly aligns with PRIME’s strategy of building a sustainable, income-generating portfolio,” said Gaurav Puri, Chief Investment Officer at NCW. “With strong fundamentals in India’s commercial real estate sector, this acquisition is a significant step toward delivering value for our investors.”
NCW is a 50:50 joint venture between Nuvama Asset Management Ltd and Cushman & Wakefield, combining domestic market expertise with global real estate capabilities. Its flagship Prime Offices Fund received SEBI approval in 2024 and completed its first close in 2025. The fund is focused on premium office investments across high-growth micro-markets in India.
Kotak Alternate Asset Managers Limited, part of the Kotak Mahindra Group, is a key player in the alternative asset space. Commenting on the exit, Rahul Chhaparwal, Partner at Kotak Alt, said, “This sale is a testament to our asset management capabilities and our focus on sustainability-led value creation.”
The deal marks a significant milestone for both parties, underscoring growing investor appetite for institutionally owned, ESG-compliant commercial office assets in India’s urban centres.
