Key Takeaways
- • MaxCap and April jointly acquired the RPAH Medical Centre in Sydney's Newtown for A$117 million ($82.3 million), a fully leased purpose-built medical facility positioned adjacent to Royal Prince Alfred Hospital and the University of Sydney, purchased from Australian Unity.
- • The Sydney medical centre acquisition reflects growing institutional capital deployment into healthcare real estate within established research and hospital precincts, capturing long-term leasing stability and demographic tailwinds.
- • Prime Offices Fund, jointly managed by Nuvama Asset Management and Cushman & Wakefield, acquired a 51% stake in TenSteps, a 1.1 million square foot office development in Pune, India, for approximately $115 million, with Singapore-based Keppel retaining the remaining 49% interest.
- • The Pune office acquisition marks Prime Offices Fund's entry into its third Indian city, expanding its total portfolio to 3.8 million square feet across Delhi NCR, Chennai, and Pune, signaling accelerating institutional real estate fund penetration into India's tier-one office markets.
Summary
Australian commercial real estate fund managers MaxCap and April have partnered to acquire the RPAH Medical Centre, a fully leased healthcare facility located at 100 Carillon Avenue in Newtown, an inner-Sydney suburb, for A$117 million ($82.3 million). The property was purchased from Australian Unity and represents a strategic entry into specialized healthcare real estate positioned within one of Australia's premier medical and research ecosystems. The facility's location immediately adjacent to Royal Prince Alfred Hospital and the University of Sydney provides structural advantages through proximity to anchor tenants, ongoing research collaboration, and established patient referral networks. As a purpose-built medical centre operating at full occupancy, the asset offers institutional-quality cash flow characteristics typical of healthcare real estate investments in metropolitan markets with established academic medical infrastructure.
Concurrent with the Sydney transaction, the Prime Offices Fund—a commercial real estate vehicle jointly managed by Nuvama Asset Management and Cushman & Wakefield—has acquired a 51% stake in TenSteps, a newly delivered 1.1 million square foot office development located in Pune, India, for approximately $115 million. Singapore-based developer Keppel Land retained its 49% ownership stake following completion of the forward-purchase agreement originally signed with developers Kohinoor Group and Mahalaxmi Group in January 2023. The project achieved delivery in January 2026. This transaction marks Prime Offices Fund's expansion into its third Indian metropolitan market, bringing its aggregate portfolio to 3.8 million square feet across Delhi NCR, Chennai, and Pune. The successive deployment into India's tier-one office markets reflects institutional fund managers' confidence in India's office real estate fundamentals and their systematic geographic diversification strategy within South Asia's commercial property landscape.
Concurrent with the Sydney transaction, the Prime Offices Fund—a commercial real estate vehicle jointly managed by Nuvama Asset Management and Cushman & Wakefield—has acquired a 51% stake in TenSteps, a newly delivered 1.1 million square foot office development located in Pune, India, for approximately $115 million. Singapore-based developer Keppel Land retained its 49% ownership stake following completion of the forward-purchase agreement originally signed with developers Kohinoor Group and Mahalaxmi Group in January 2023. The project achieved delivery in January 2026. This transaction marks Prime Offices Fund's expansion into its third Indian metropolitan market, bringing its aggregate portfolio to 3.8 million square feet across Delhi NCR, Chennai, and Pune. The successive deployment into India's tier-one office markets reflects institutional fund managers' confidence in India's office real estate fundamentals and their systematic geographic diversification strategy within South Asia's commercial property landscape.
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