NEW DELHI – In a significant move for the commercial real estate sector, Prime Offices Fund (PRIME), a fund jointly managed by Nuvama Asset Management and Cushman & Wakefield (NCW), has successfully acquired “Prius Platinum,” a highly coveted Grade-A office complex located in Saket, Delhi. The acquisition marks a strategic expansion of NCW’s portfolio, adding a substantial 0.3 million square feet of premium office space to its holdings.
The deal for Prius Platinum was finalized after the property was acquired from a consortium led by a fund managed by Kotak Alternate Asset Managers. This transaction was notably facilitated through the Insolvency and Bankruptcy Code (IBC) process, with the initial acquisition by the Kotak-led consortium taking place in 2021.
Prius Platinum stands out as a particularly attractive asset, boasting an impressive 95% occupancy rate. This high leasing percentage underscores the property’s strong market demand and its potential for delivering consistent returns. Furthermore, the complex offers stable rental income, characterized by a weighted average lease expiry (WALE) of five years, coupled with advantageous in-place lock-in periods, providing long-term revenue visibility for NCW.
This acquisition by NCW Prime Offices Fund reinforces its commitment to investing in high-quality, income-generating commercial real estate assets, particularly within prime urban centers like Delhi. The addition of Prius Platinum is expected to bolster the fund’s overall performance and enhance its presence in India’s dynamic office market.
