Prime Offices Fund, a commercial real estate fund managed by Nuvama Asset Management and Cushman & Wakefield, has acquired a premium office space in Saket District Centre in south Delhi for Rs 763 crore from a fund managed by a Kotak Alternate Asset Managers-led consortium.
Spanning across 0.3 million square feet, the Grade A property was acquired by the Kotak consortium through the insolvency process in 2021. Since then, it has undergone major upgrades which led to an increase in leasing activity, the fund said. Grade A offices are centrally air-conditioned offices with modern amenities.
The property is 95% leased. Tenants include leading legal, pharma and financial institutions.
Gaurav Puri, CIO, Nuvama and Cushman & Wakefield Management (NCW), said, “This rare institutionally owned asset perfectly aligns with the Prime Offices Fund’s (PRIME) strategy of creating a high quality, sustainable, income-generating portfolio.”