In a significant move reflecting investor confidence in India’s commercial real estate sector, Prime Offices Fund (PRIME)—managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW)—has acquired the high-end Prius Platinum office property in South Delhi’s Saket District Centre for approximately ₹750 crore.

The 3 lakh sq ft Grade A office asset was purchased from a Kotak Alternate Asset Managers Limited-led consortium, acquired initially through the Insolvency and Bankruptcy Code (IBC) process in 2021. Since then, the property has undergone a significant transformation, including upgrades, ESG (Environmental, Social, and Governance) enhancements, and performance improvements.

“This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund’s strategy of creating a high-quality, sustainable, income-generating portfolio,” said Gaurav Puri, CIO at NCW. “With India’s commercial real estate sector continuing to show strong fundamentals, this acquisition marks an important milestone in delivering world-class investment solutions for our investors.”

Currently, Prius Platinum is 95% leased, offering long-term income stability. With a weighted average lease expiry (WALE) of five years and existing lock-in periods, the building ensures consistent rental income, estimated between ₹5 and ₹ 6 crore per month. The property hosts a prominent tenant mix, including leading legal, pharmaceutical, and financial services firms.

Rahul Chhaparwal of Kotak Alternate Asset Managers Limited reflected on the asset’s turnaround: “We are proud of this asset’s journey—from acquisition through IBC to a complete revival as a state-of-the-art, ESG-compliant commercial hub. This sale is a testament to our asset management capabilities’ strength and ability to create long-term value for stakeholders through sustainability-focused strategies.”

The acquisition highlights PRIME Fund’s core strategy of investing in high-quality office spaces in India’s key commercial markets. Launched with SEBI approval in 2024, PRIME marked its first close in 2025 and aims to provide domestic investors access to premium real estate opportunities.

NCW, the fund’s manager, is a 50:50 joint venture between Nuvama Asset Management and global real estate firm Cushman & Wakefield. The joint venture offers end-to-end investment solutions in commercial real estate. Meanwhile, Kotak Alternate Asset Managers Limited, part of the Kotak Mahindra Group, has a long track record in alternate assets, managing over $22 billion across diverse investment categories.

Industry experts view this transaction as a vote of confidence in the resilience and future potential of India’s office space sector, particularly in well-located, ESG-compliant, and professionally managed assets.