Nuvama, Cushman & Wakefield-Backed Realty Fund Raises ₹4,000 cr

Real estate fund NCW, a joint venture between Nuvama and Cushman & Wakefield, has raised about ₹4,000 crore from investors and committed 45% of the capital in office assets across major cities.

Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW) is an equal joint venture between Nuvama Asset Management and Cushman & Wakefield.

In a statement on Wednesday, the NCW informed about the final close of its 'PRIME Offices Fund' at about ₹4,000 crore.

The fund, launched to provide Indian investors access to institutional-quality commercial office assets in India, was originally launched with a target corpus of ₹3,000 crore.

NCW decided to increase the corpus because of strong investor demand and sizable deployment across India's office markets.

The Fund has already committed about 45% of its capital. Gaurav Puri, Chief Investment Officer, NCW said, "The successful final close of PRIME reflects conviction in both India's office sector and our investment strategy." India's office market continues to benefit from structural growth drivers, including the growth of Global Capability Centres, expanding front-office operations and sustained demand for high-quality workplaces, he said.

Since its launch, PRIME Fund has created a portfolio of about 4 million square feet high quality office spaces across the country.