Nuvama and Cushman & Wakefield’s Prime Offices Fund has made its second major acquisition, purchasing a 2.4 million sq ft Grade-A office campus in Porur, Chennai, from Keppel for approximately ₹2,550 crore. The fully leased LEED Platinum-certified asset serves prominent global and Indian technology tenants, underscoring robust investor confidence in Chennai’s commercial real estate market and the growing focus on sustainable, future-ready workspaces.
Acquisition Details
- The transaction involves a 100% buyout from Keppel’s real estate division by NCW (Nuvama Asset Management and Cushman & Wakefield Management’s JV).
- The Porur campus, branded as One Paramount, spans 2.4 million sq ft and is a Grade-A technology park within a 12.6-acre development.
- The deal, valued at ₹2,550 crore, is the largest buyout by a domestic fund in a market typically dominated by global capital.
Tenant and Asset Profile
- The campus is leased to a diversified occupier base, comprising Global Capability Centres (GCCs) and major Indian technology firms, including Genpact, Maersk, UPS, VMware, and Hitachi Energy.
- One Paramount is designed as a green, future-ready campus with institutional-grade amenities and strong connectivity to residential and commercial zones.
- The property holds LEED Platinum certification, reflecting an increased industry emphasis on sustainability and workplace resilience.
Market Impact and Strategy
- Prime Offices Fund’s acquisition strategy targets high-growth Indian micro-markets and focuses on sustainable, rent-yielding, and capital-appreciating office assets.
- Chennai’s office sector fundamentals remain robust, with strong tenant demand, infrastructure upgrades, and diversification across sectors like IT, BFSI, and life sciences.
- This deal signals heightened domestic fund participation and confidence in Chennai’s emergence as a global occupier and investment hub.
The Flexinsights Take
The acquisition underscores how institutional investors increasingly value sustainable, future-ready, and flexible office spaces—especially in dynamic micro-markets like Porur. With Chennai’s commercial leasing momentum at a high, this transaction by a domestic fund both validates the city’s long-term fundamentals and sets new benchmarks for institutional participation in Indian commercial real estate. For office investors and workspace operators, the focus on asset quality, tenant profile, and market resilience is becoming the defining edge in 2025.
