Nuvama and Cushman & Wakefield launch JV for Indian commercial real estate investment

Nuvama Asset Management, a key division of Nuvama Wealth Management Ltd, in collaboration with Cushman & Wakefield [NYSE: CWK], a globally recognized commercial real estate services firm, has recently announced the establishment of their joint venture: Nuvama and Cushman & Wakefield Management Private Limited (NCW). This 50:50 partnership is set to create a robust platform, offering a comprehensive suite of investment capabilities in commercial real estate.

At the forefront of this venture is the goal to create a unique strategic platform that combines Nuvama’s expertise in fund management with Cushman & Wakefield’s global prowess in commercial real estate. Initially, the focus will be on offering investment opportunities within the Indian commercial real estate market to domestic investors. This move is significant in a market traditionally dominated by global investors.

The centerpiece of this collaboration is the launch of the PRIME Offices Fund (PRIME), subject to SEBI’s approval. The fund aims to raise INR 3000 crore for investment in prime commercial offices in India’s most dynamic markets. Targeting Grade A+ “Offices of the Future,” the fund plans to invest across Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad, which collectively represent over 70% of India’s leasing activity.

Matthew Bouw, Chief Executive, Asia Pacific at Cushman & Wakefield, highlighted India’s robust position in the office sector, both regionally and globally. He emphasized India’s strong economy and vast talent pool as key drivers for the sector’s success, presenting an attractive opportunity for investors. This partnership aims to leverage Cushman & Wakefield’s extensive global real estate expertise and Nuvama’s local market insights to offer an unmatched value proposition to investors.

Ashish Kehair, Managing Director & CEO of Nuvama Group, remarked on the resilience of the Indian economy and financial markets, noting the increasing domestic interest in commercial real estate. He expressed confidence in the joint venture with Cushman & Wakefield, emphasizing the opportunity to provide high-quality alternative investment solutions.

Anshu Kapoor, President & Head of Nuvama Asset Management, and Anshul Jain, Managing Director, India & Southeast Asia at Cushman & Wakefield, both underscored the immense potential of the Indian office sector. They pointed out the opportunity for domestic investors to engage in this segment, which has been predominantly led by global institutional investors.

In summary, the formation of NCW by Nuvama Asset Management and Cushman & Wakefield marks a significant development in the Indian commercial real estate sector. It opens avenues for domestic investors to participate in high-quality real estate investments, previously dominated by global entities.