Prime Offices Fund (PRIME), a Commercial Real Estate focussed fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), a joint venture between Nuvama Asset Management Limited and Cushman and Wakefield, today announced the acquisition of Prius Platinum, a premium Grade A office space in South Delhi’s Saket District Centre. The property was acquired from a fund managed by Kotak Alternate Asset Managers Limited led consortium.
Spanning across 0.3 million 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 property is 95% leased. It provides stable rental income with a weighted average lease expiry (WALE) of 5 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.
Gaurav Puri, Chief Investment Officer, NCW, commented, “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.”
Rahul Chhaparwal, Partner at Kotak Alternate Asset Managers Limited said, “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.”
