In order to build a Rs 3,000 crore commercial real estate fund, Cushman & Wakefield and Nuvama Asset Management, the alternatives-focused asset management division of Nuvama Wealth Management Ltd., have formed a joint venture.
The new company, called Nuvama and Cushman & Wakefield Management Private Limited (NCW), would provide a comprehensive range of capabilities for investment in commercial real estate, according to a regulatory filing made by the AMC on January 10.
More than 70 percent of leasing activity in India occurs in micromarkets in Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad. NCW’s first real estate fund, the Prime Offices Fund, will invest in Grade A+ office premises in these locations. The fund will consider making investments in both completed and leased assets as well as new constructions.
Anshul Jain, managing director of India & Southeast Asia, stated, “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.”
