Key Takeaways
- • Prime Offices Fund (PRIME), managed by Nuvama and Cushman & Wakefield (NCW), acquired a 2.4 million square feet office campus in Chennai's Porur from Singapore-based Keppel for approximately Rs 2,550 crore ($287 million).
- • The transaction represents PRIME's second acquisition, following its maiden investment in May 2025 of a commercial asset in New Delhi's Saket District Centre acquired from a Kotak Alternate Asset-led consortium.
- • The Chennai campus is fully leased to a diversified tenant base comprising Global Capability Centres (GCCs) and leading domestic technology firms, positioning it as a strategic asset in a high-growth micro-market.
- • NCW, a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield, is focused on building a portfolio of premium, future-ready office assets across India's fastest-growing commercial real estate markets.
- • The deal reflects strong occupier demand in Chennai's office sector, particularly from multinational GCCs seeking high-quality, modern workspace aligned with post-pandemic workplace standards.
Summary
Prime Offices Fund (PRIME), a commercial real estate investment vehicle managed by Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW), has completed its second major acquisition with the purchase of a 2.4 million square feet office campus in Chennai from Keppel for Rs 2,550 crore ($287 million). The transaction was announced on September 25, 2025, marking a significant expansion of the fund's real estate portfolio across India's emerging commercial hubs.
The Chennai asset, located in Porur, is fully leased to a diversified mix of Global Capability Centres and domestic technology companies, providing immediate revenue stability and tenant quality. This acquisition follows PRIME's maiden investment in May 2025, when the fund acquired a commercial property in New Delhi's Saket District Centre from a consortium led by Kotak Alternate Asset. The progression demonstrates the fund's systematic approach to building a curated portfolio of premium office assets in India's high-growth micro-markets.
NCW, structured as a 50:50 joint venture between Nuvama Asset Management (the alternatives arm of Nuvama Wealth Management Ltd) and global real estate services provider Cushman & Wakefield, is positioning itself to capture institutional capital seeking exposure to India's commercial real estate sector. According to Gaurav Puri, Chief Investment Officer at NCW, the Chennai acquisition reinforces the fund's commitment to acquiring "offices-of-the-future" that meet evolving standards for global occupiers. Puri emphasized that Porur has demonstrated strong long-term fundamentals, particularly in attracting Global Capability Centres seeking modern, high-specification workspace.
The deal represents Keppel's divestment from its Indian office assets, as the Singapore-based conglomerate continues to optimize its real estate portfolio. For institutional investors and alternative asset managers, the transaction signals the maturation of India's commercial real estate market and growing appetite from domestic and global capital managers to acquire stabilized, well-leased office assets in tier-1 and emerging micro-markets. The pricing and tenant profile suggest sustained demand for quality office space among multinational corporations and technology firms expanding their India footprint.
The Chennai asset, located in Porur, is fully leased to a diversified mix of Global Capability Centres and domestic technology companies, providing immediate revenue stability and tenant quality. This acquisition follows PRIME's maiden investment in May 2025, when the fund acquired a commercial property in New Delhi's Saket District Centre from a consortium led by Kotak Alternate Asset. The progression demonstrates the fund's systematic approach to building a curated portfolio of premium office assets in India's high-growth micro-markets.
NCW, structured as a 50:50 joint venture between Nuvama Asset Management (the alternatives arm of Nuvama Wealth Management Ltd) and global real estate services provider Cushman & Wakefield, is positioning itself to capture institutional capital seeking exposure to India's commercial real estate sector. According to Gaurav Puri, Chief Investment Officer at NCW, the Chennai acquisition reinforces the fund's commitment to acquiring "offices-of-the-future" that meet evolving standards for global occupiers. Puri emphasized that Porur has demonstrated strong long-term fundamentals, particularly in attracting Global Capability Centres seeking modern, high-specification workspace.
The deal represents Keppel's divestment from its Indian office assets, as the Singapore-based conglomerate continues to optimize its real estate portfolio. For institutional investors and alternative asset managers, the transaction signals the maturation of India's commercial real estate market and growing appetite from domestic and global capital managers to acquire stabilized, well-leased office assets in tier-1 and emerging micro-markets. The pricing and tenant profile suggest sustained demand for quality office space among multinational corporations and technology firms expanding their India footprint.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.