Nuvama Wealth Management’s asset management division has joined forces with Cushman & Wakefield, a global commercial real estate services firm, to establish a new joint venture entity.
The aim is to raise ₹3,000 crore for investment in prime offices across high-growth markets in India. The newly formed entity, named Nuvama and Cushman & Wakefield Management Private Limited (NCW), will provide a comprehensive suite of capabilities for investing in commercial real estate.
NCW’s inaugural real estate fund, the Prime Offices Fund, will focus on Grade A+ office spaces in key micro markets, including Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad, which collectively contribute to over 70% of India’s leasing activity. The fund will explore investment opportunities across new builds, completed projects, and leased assets.
Anshul Jain, Managing Director for India & Southeast Asia at Cushman & Wakefield, stated that the Prime Offices fund is designed to tap into India’s thriving office sector, offering investors access to diverse, high-yield real estate opportunities.
Through this joint venture, Nuvama will provide enhanced fund-management insights, while Cushman & Wakefield will contribute its expertise in commercial real estate. The joint venture’s primary focus is to provide domestic investors with opportunities in the Indian commercial real estate sector, which has traditionally been dominated by global investors.
Matthew Bouw, Chief Executive for Asia Pacific at Cushman & Wakefield, emphasized India’s prominence in the global office sector. With average demand forecasted to be around 40 million square feet annually through 2027, India’s predicted net absorption is expected to constitute approximately 50% of total office demand in the Asia Pacific region.
Ashish Kehair, Managing Director & CEO of Nuvama Group, noted the growing domestic investor interest in Indian commercial real estate. The joint venture aims to address this interest, particularly given the scarcity of well-scaled local vehicles in the pre-Real Estate Investment Trust (REIT) space.
Nuvama oversees ₹2,89,281 crore of client assets and serves a diverse clientele, including approximately 3,300 of India’s wealthiest families. The company offers wealth-management solutions, investment advisory services, and estate planning, among other services. Cushman & Wakefield, with a presence in 60 countries through 400 offices, provides real estate services for property owners and occupiers.
