Key Takeaways
- • Prime Offices Fund (PRIME), jointly managed by Nuvama Asset Management and Cushman & Wakefield, acquired a 2.4 million square feet office campus in Chennai's Porur district from Singapore-based Keppel for ₹2,550 crore ($287 million).
- • The transaction represents PRIME's second acquisition since its May 2025 debut investment in New Delhi's Saket District Centre, marking accelerated deployment of capital into India's high-quality commercial real estate market.
- • The Chennai asset houses approximately 20,000 professionals and is leased to a diversified tenant base comprising Global Capability Centres (GCCs) and domestic technology firms, with LEED certification indicating institutional-grade quality.
- • The deal underscores a strategic pivot toward India's micro-market office hubs, with Porur emerging as a preferred location for GCC expansion alongside traditional technology sector demand.
- • The acquisition demonstrates domestic institutional capital increasingly competing at scale for marquee, globally-graded real estate assets previously dominated by foreign investors and multinational owners like Keppel.
Summary
Prime Offices Fund (PRIME), a 50:50 joint venture between Nuvama Asset Management's alternatives arm and global real estate services firm Cushman & Wakefield, has completed the acquisition of a 2.4 million square feet office campus in Chennai's Porur micro-market from Singapore-based Keppel. The transaction, valued at approximately ₹2,550 crore ($287 million), represents the fund's second investment since its inception and signals accelerated capital deployment into India's commercial real estate sector.
The Chennai asset is a LEED-certified Grade-A business park housing approximately 20,000 professionals across a diversified tenant portfolio. The occupier base includes both Global Capability Centres (GCCs)—which have become critical expansion hubs for multinational corporations—and leading domestic technology firms. This mixed-tenant composition reflects broader trends in India's office market, where GCC growth has become a primary driver of demand in tier-2 markets beyond traditional financial centers.
The acquisition follows PRIME's maiden investment in May 2025, when the fund secured a commercial asset in New Delhi's Saket District Centre from a consortium led by Kotak Alternate Asset. The sequential deal closures underscore the fund's strategy to build a portfolio of future-ready office assets in India's fastest-growing micro-markets rather than concentrating exposure in saturated metropolitan hubs. According to Gaurav Puri, chief investment officer at Nuvama-Cushman & Wakefield, the fund is targeting "high-quality offices-of-the-future that meet the expectations of our investors and set new benchmarks for commercial real estate in India."
The transaction is notable as evidence of domestic institutional capital increasingly competing at scale for marquee, globally-graded real estate assets. Keppel's exit from the Chennai asset reflects a broader pattern of foreign investors and multinational real estate owners divesting India-based properties to locally-anchored alternatives managers. Nuvama and Cushman & Wakefield's joint platform positions domestic high-net-worth individuals and family offices to access institutional-grade commercial real estate opportunities previously concentrated among foreign capital.
The Chennai asset is a LEED-certified Grade-A business park housing approximately 20,000 professionals across a diversified tenant portfolio. The occupier base includes both Global Capability Centres (GCCs)—which have become critical expansion hubs for multinational corporations—and leading domestic technology firms. This mixed-tenant composition reflects broader trends in India's office market, where GCC growth has become a primary driver of demand in tier-2 markets beyond traditional financial centers.
The acquisition follows PRIME's maiden investment in May 2025, when the fund secured a commercial asset in New Delhi's Saket District Centre from a consortium led by Kotak Alternate Asset. The sequential deal closures underscore the fund's strategy to build a portfolio of future-ready office assets in India's fastest-growing micro-markets rather than concentrating exposure in saturated metropolitan hubs. According to Gaurav Puri, chief investment officer at Nuvama-Cushman & Wakefield, the fund is targeting "high-quality offices-of-the-future that meet the expectations of our investors and set new benchmarks for commercial real estate in India."
The transaction is notable as evidence of domestic institutional capital increasingly competing at scale for marquee, globally-graded real estate assets. Keppel's exit from the Chennai asset reflects a broader pattern of foreign investors and multinational real estate owners divesting India-based properties to locally-anchored alternatives managers. Nuvama and Cushman & Wakefield's joint platform positions domestic high-net-worth individuals and family offices to access institutional-grade commercial real estate opportunities previously concentrated among foreign capital.
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