Nuvama Asset Management and Cushman & Wakefield form JV to raise ₹3000-crore office real estate fund

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Nuvama Asset Management, the alternatives-focused asset management arm of Nuvama Wealth Management Ltd, and Cushman & Wakefield, a global commercial real estate services firm, on Jan 10 announced the formation of a new 50:50 joint venture entity, Nuvama and Cushman & Wakefield Management Private Limited, that aims to raise 3000 crore to invest in prime commercial properties across the country.

The PRIME Offices fund aims to invest in Grade A+ Offices of the future across micro markets in the top six cities of Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad that account for more than 70% of the leasing activity within India. The fund will look at investments across new builds, completed and leased assets, a statement said.

The joint venture will establish a differentiated strategic platform that aims to empower investors with superior fund management expertise through Nuvama, while leveraging Cushman & Wakefield’s global expertise in the commercial real estate industry.

“India continues to be a standout player in the office sector both regionally and globally. With average demand forecasted at around 40 million square feet per year through 2027, India’s forecasted net absorption is expected to account for around 50% of total office demand in Asia Pacific,” said Matthew Bouw, Chief Executive, Asia Pacific, Cushman & Wakefield.

Bolstered by India’s established reputation as a capability and innovation centre for many global companies, as well as the country’s growth trajectory, strong economy and vast talent pool, the sector continues to perform exceedingly well and offers a compelling opportunity for investors, he said.

Ashish Kehair, Managing Director & CEO, Nuvama Group said. “Commercial real estate is a direct beneficiary of India’s growth and has attracted high quality institutional global capital. We are seeing growing domestic investor interest, which has so far remained an experimental play for most, because of the paucity of well scaled local vehicles in the pre-REIT space. We at Nuvama constantly endeavour to give access to high quality solutions for alternative investing, and this JV is a giant step forward.”

“The PRIME Offices fund will allow us to tap into the immense potential of India’s office sector and offer investors unparalleled access to diverse, high-yield real estate opportunities. Our deep industry knowledge, proven track record, and experienced team will provide investors with the confidence and expertise they need to succeed,” said Anshul Jain, Managing Director, India & Southeast Asia and Head of Asia Pacific Tenant Representation.

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Edmund Shing, PhD

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Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

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Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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