Nuvama-Cushman's Prime Offices Fund closed at ₹4,000 crore, overshooting its target. A second fund will expand into data centres and logistics, tapping both domestic and global capital.
Nuvama and Cushman & Wakefield Management's joint venture has closed its first real estate fund at ₹4,000 crore, overshooting the original ₹3,000 crore target. The Prime Offices Fund, launched in 2024, raised the entire amount from domestic family offices and high-net-worth individuals, the firm said.
About 45% of the capital is deployed across three office properties in Delhi, Chennai and Pune, covering 4 million square feet. Once fully invested, the fund will own 8-9 million square feet of assets across top cities, chief investment officer Gaurav Puri told Mint. The portfolio already houses more than 70 occupiers, with over half of them global capability centres and over 20% front-office operations.
The fund invested only in ready commercial office assets. That changes with the next vehicle. Puri said the second fund will also target data centres, industrial and logistics, co-working and co-living spaces. It will expand beyond pure office assets and consider under-construction properties. Global capital will be allowed in, not just domestic money.
The fundraising comes as Indian real estate investment volumes surge. In the January-March quarter of 2026, the sector recorded a 189% year-on-year jump to $2,295 million, the second-fastest growth rate in Asia-Pacific after Singapore, according to CBRE. The advisory firm attributed the rise to sustained interest from domestic institutions, family offices, and global capital markets players using direct acquisitions, REITs and structured debt.
For investors tracking Indian commercial real estate, the Nuvama-Cushman venture stands out as one of the larger domestic-focused vehicles to reach the market. The first fund's oversubscription signals strong appetite among Indian investors for institutional-quality office assets. The second fund's expansion into data centres and logistics mirrors broader shifts: demand from e-commerce and cloud providers continues to drive absorption in those segments.
Cushman & Wakefield's parent company, listed as CWK on the New York Stock Exchange, carries an Alpha Score of 55 with a "Moderate" label from AlphaScala. CBRE, the advisory firm that reported the investment volume data, scores 47 and is labelled "Mixed". Both operate in the real estate sector.
The second fund's launch date and target size have not been disclosed. The first fund's deployment timeline – a couple of quarters for the remaining capital – suggests the joint venture will move quickly. The key question is whether institutional demand for Indian office and alternative real estate assets can sustain the pace, especially as global interest rates remain elevated and liquidity favours shorter-duration investments.
A slowdown in commercial leasing demand or a rise in vacancy rates in top cities would weaken the case for a larger second fund. Strong subscription numbers would confirm that domestic capital continues to flow into the sector.
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