Nuvama Asset Management, the alternatives-focused asset management arm of Nuvama Wealth Management, and Cushman & Wakefield [NYSE: CWK], a leading global commercial real estate services firm, announced the formation of a new 50:50 joint venture entity, Nuvama and Cushman & Wakefield Management (NCW).
The new entity will act as a powerful platform offering full suite of capabilities for investing in commercial real estate. 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.
The joint venture will initially focus on providing investment opportunities to domestic investors in the Indian commercial real estate market, a space which has traditionally been dominated by global investors.
As a unique offering to investors, NCW is planning to launch its first real estate fund – PRIME Offices Fund (PRIME) and aims to raise INR 3000 crore to invest in prime commercial offices across India's high-growth markets.
The PRIME Offices fund aims to invest in Grade A+ “Offices of the future” across micro markets in the top 6 cities of Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad that account for 70%+ of the leasing activity within India. The fund will look at investments across new builds, completed and leased assets.