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Nuvama, Cushman & Wakefield JV raises Rs.1,700-Cr in first close of office fund

Economic Times  

The joint venture between Nuvama Asset Management, the alternatives-focused asset management arm of Nuvama Wealth Management, and global real estate services firm Cushman & Wakefield, has raised about INR 1,700 crore in the first close of its first real estate fund called Prime Offices Fund. The fund has raised the money from domestic investors including high-net-worth individuals (HNIs) and family offices and will make investments in the commercial real estate sector.The fund will focus on Grade A offices across Mumbai, Bengaluru, the National Capital Region (NCR), Pune, Chennai and Hyderabad. These markets account for more than 70% of the leasing activity in India.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 INR 6,000 crore with the help of project-specific leveraging. The complete fund corpus is expected to be deployed over the next two years with an overall portfolio size target of 5-7 million square feet across India.