Nuvama and Cushman & Wakefield Joint venture raises rs 1700 crore

Nuvama Asset Management, the alternatives focused asset management arm of Nuvama Wealth Management, and global real esate services firm Cushman & Wakefield joint venture has raised about rs 1700 crore through the first close of its maiden real estate fund. The fund has raised the money from domestic investors including high net worth individuals and family offices and will make investments in the Indian commercial real estate sector, a market historically dominated by global institutional investors. The Prime Offices Fund will focus on Grade A offices across India’s top six markets including Mumbai, Bengaluru, the National Capital Region, Pune, Chennai and Hyderabad. These markets account for more than 70% of the leasing activity in the country. This category-II alternative investment fund (AIF) with a tenure of six years is expected to help the joint entity invest in office assets worth over Rs 6,000 crore with the help of project-specific leveraging. The complete fund corpus is expected to be deployed over the next two years and the overall portfolio size target is 5-7 million square feet across India, The appetite for Indian real estate assets among institutional investors continues to be robust, led by office space demand on the back of steady growth in the economy. In addition to large and established domestic investors, global funds such as the Blackstone Group, Brookfield Asset Management, GIC, Xander,CPP Investments, Warburg Pincus and Goldman Sachs have been making investments in the sector. 
 

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