Key Takeaways
- • Nuvama Asset Management and Cushman & Wakefield formed a joint venture entity to launch a Rs 3,000-crore commercial real estate fund focused on grade-A office properties across India's six largest office markets.
- • The JV will target 5-7 prime office properties in Bengaluru, Delhi-NCR, Pune, Mumbai, Chennai, and Hyderabad, with several assets already identified and nearing completion.
- • Nuvama brings fund management expertise and access to 1.1 million domestic clients, while Cushman & Wakefield contributes global commercial real estate advisory capabilities and market intelligence.
- • India's office sector demonstrates strong growth momentum regionally and globally, with Bengaluru leading net office space additions in Asia Pacific after Shanghai with 71 million sq ft, followed by Hyderabad and Delhi-NCR at 43 million sq ft each.
- • The joint venture entity is named Nuvama and Cushman & Wakefield Management and will position domestic investors to capitalize on India's expanding institutional-grade commercial real estate market.
Summary
Nuvama Asset Management and global commercial real estate services firm Cushman & Wakefield announced on January 10, 2024 the formation of a joint venture entity called Nuvama and Cushman & Wakefield Management, which will launch a Rs 3,000-crore commercial real estate fund targeting India's institutional office space market.
The partnership combines complementary strengths: Nuvama contributes superior fund management expertise and direct access to its 1.1 million domestic clients through its position as the asset management arm of Nuvama Wealth Management (formerly Edelweiss Wealth Management). Cushman & Wakefield brings global commercial real estate industry expertise and deep market intelligence across Asia Pacific. The announcement was made by Matthew Bouw, chief executive of Cushman & Wakefield Asia Pacific; Anshu Kapoor, president and head of Nuvama Asset Management; and Anshul Jain, managing director of Cushman India & Southeast Asia.
The fund will focus on acquiring grade-A office properties, with Kapoor noting that the JV has already identified several prime assets either ready for occupancy or nearing completion. The investment strategy targets 5-7 properties distributed across India's six largest and most active office markets: Bengaluru, Delhi-NCR, Pune, Mumbai, Chennai, and Hyderabad. This geographic diversification reflects the relative maturity and institutional investor demand across these hubs.
India's commercial office sector demonstrates sustained momentum both regionally and globally. According to Cushman & Wakefield data cited in the announcement, Bengaluru leads net office space additions in Asia Pacific after Shanghai, with 71 million sq ft, followed by Hyderabad and Delhi-NCR at 43 million sq ft each. Mumbai region follows with 32 million sq ft, Pune with 26 million sq ft, and Chennai with 16 million sq ft. This supply trajectory underscores institutional investor appetite for quality office assets in these markets, positioning the JV to deploy capital into growing demand for professional-grade workspace.
The partnership combines complementary strengths: Nuvama contributes superior fund management expertise and direct access to its 1.1 million domestic clients through its position as the asset management arm of Nuvama Wealth Management (formerly Edelweiss Wealth Management). Cushman & Wakefield brings global commercial real estate industry expertise and deep market intelligence across Asia Pacific. The announcement was made by Matthew Bouw, chief executive of Cushman & Wakefield Asia Pacific; Anshu Kapoor, president and head of Nuvama Asset Management; and Anshul Jain, managing director of Cushman India & Southeast Asia.
The fund will focus on acquiring grade-A office properties, with Kapoor noting that the JV has already identified several prime assets either ready for occupancy or nearing completion. The investment strategy targets 5-7 properties distributed across India's six largest and most active office markets: Bengaluru, Delhi-NCR, Pune, Mumbai, Chennai, and Hyderabad. This geographic diversification reflects the relative maturity and institutional investor demand across these hubs.
India's commercial office sector demonstrates sustained momentum both regionally and globally. According to Cushman & Wakefield data cited in the announcement, Bengaluru leads net office space additions in Asia Pacific after Shanghai, with 71 million sq ft, followed by Hyderabad and Delhi-NCR at 43 million sq ft each. Mumbai region follows with 32 million sq ft, Pune with 26 million sq ft, and Chennai with 16 million sq ft. This supply trajectory underscores institutional investor appetite for quality office assets in these markets, positioning the JV to deploy capital into growing demand for professional-grade workspace.
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