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Prime Offices Fund (PRIME), managed by Nuvama Asset Management and Cushman & Wakefield Management, has acquired a 51% stake in a 1.1 million sq ft Grade A+ office development in Pune's Kharadi micro-market. The remaining 49% continues to be held by Singapore-based Keppel. The deal value is estimated at around INR 1,000 crore. With this transaction, PRIME's total portfolio has expanded to nearly 3.8 million sq ft across Delhi NCR, Chennai and now Pune, marking its entry into a key technology-driven office market.
Prime Offices Fund (PRIME), a commercial office-focused real estate fund managed by Nuvama Asset Management and Cushman & Wakefield Management (NCW), has acquired a controlling 51% stake in a 1.1 million sq ft Grade A+ office development in Pune's Kharadi area. The balance 49% stake remains with Singapore-based Keppel. Advertisement
The project, known as TenSteps, is being developed as a premium office asset and is IGBC LEED Platinum pre-certified. Market sources have estimated the transaction value at approximately INR 1,000 crore. The acquisition has been structured through a joint venture, with PRIME taking majority ownership while Keppel continues as a strategic partner in the development.
With this purchase, PRIME has entered the Pune office market and increased its total office portfolio to around 3.8 million sq ft. The fund already owns office assets in Delhi NCR and Chennai. In the past, it acquired a Grade A office property at Saket District Centre in South Delhi and an office campus in Chennai, building a diversified portfolio across established commercial hubs.
Kharadi has emerged as one of Pune's most active office micro-markets, driven by demand from technology companies and Global Capability Centres. The area has seen steady leasing activity due to its connectivity, planned infrastructure and availability of large floor plates suited for multinational occupiers. The TenSteps development is expected to cater to this segment, with modern specifications and sustainability features aligned with institutional standards.
NCW, the fund manager, operates as a 50:50 joint venture between Nuvama Asset Management and global real estate services firm Cushman & Wakefield. PRIME's investment strategy has focused on acquiring high-quality, income-generating office assets in cities where occupier demand remains stable and long term in nature.
Institutional investors have continued to show interest in India's commercial office market, particularly in cities with strong technology presence. Pune has gradually strengthened its position among such markets, supported by a skilled workforce and consistent demand from domestic and global companies.
This transaction reflects a continued shift towards structured partnerships in large office developments, where global capital and domestic fund managers collaborate to scale portfolios in core markets.
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