Prime Offices Fund has acquired a 1.1 million sq ft Grade A office asset in Pune’s Kharadi for nearly ₹1,000 crore. The joint venture deal expands the fund’s footprint to three cities, taking its total portfolio to 3.8 million sq ft and reinforcing its institutional office investment strategy.
Prime Offices Fund (PRIME), a commercial real estate-focused investment platform managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), has acquired a 1.1 million sq ft development Grade A office asset in Pune’s Kharadi micro-market for nearly ₹1,000 crore.
The acquisition marks the fund’s formal entry into its third city, expanding beyond its existing presence in Delhi NCR and Chennai. The property, known as TenSteps, has been acquired through a joint venture structure in which PRIME holds a 51% stake, while Keppel owns the remaining share.
With this transaction, the fund’s Gross Asset Value (GAV) across three cities exceeds ₹4,000 crore, while the total portfolio expands to over 3.8 million sq ft of office space.
Focus on Institutional-Grade Assets
The acquisition reflects PRIME’s strategy of building a diversified, institutional-quality office portfolio in India’s major business corridors. In its statement, the fund noted that the transaction signals its expansion strategy centred on high-quality commercial developments.
Highlighting Pune’s market fundamentals, the company stated, “Pune’s established position as a technology and Global Capability Centre (GCC) hub aligns well with PRIME’s focus on acquiring high-quality assets in key office markets.” Kharadi, in particular, has emerged as one of Pune’s strongest office micro-markets, driven by IT, technology, and multinational occupiers.
The asset adds scale and geographic diversification to PRIME’s portfolio while deepening its exposure to growth-led office markets.
Portfolio Growth and Market Positioning
Post-acquisition, PRIME will manage nearly 3.8 million sq ft across Delhi NCR, Chennai, and Pune. The fund reiterated that it will continue targeting established micro-markets offering strong occupier demand, talent availability, and long-term growth visibility.
The move comes at a time when institutional investors are increasing allocations toward Grade A office developments in cities supported by technology ecosystems and GCC expansion. Pune has consistently ranked among India’s top leasing destinations due to its skilled workforce, cost advantage, and infrastructure upgrades.
NCW operates as a 50:50 joint venture between Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd, and global real estate advisory firm Cushman & Wakefield.
Strengthening India’s Office Investment Pipeline
As demand from technology firms, GCCs, and domestic enterprises continues to support office absorption, funds like PRIME are actively consolidating institutional-grade assets in established corridors. The Pune acquisition reinforces the growing appetite for large-format office investments backed by stable cash flows and long-term tenant demand.
For India’s commercial real estate ecosystem, such transactions highlight sustained investor confidence and the increasing sophistication of structured office investment platforms across the country’s leading business hubs.
