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



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.



Related Content

Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

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.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

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.

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

      Error: Contact form not found.

      The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

      Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

      Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

      The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

      Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

      Request Nomination Pack

      Error: Contact form not found.