The Prime Offices Fund (PRIME), managed by the joint venture Nuvama and Cushman & Wakefield Management Private Limited (NCW), has announced the acquisition of Prius Platinum. This premium Grade A office space, located in South Delhi鈥檚 Saket District Centre, was purchased from a consortium led by a fund managed by Kotak Alternate Asset Managers Limited.
A Transformed Asset
Spanning 0.3 million square feet, Prius Platinum was initially acquired by the Kotak consortium through the Insolvency and Bankruptcy Code (IBC) process in 2021. Since then, the property has undergone a comprehensive transformation, including significant upgrades, implementation of ESG (Environmental, Social, and Governance) initiatives, and enhanced operational performance. These concerted efforts have successfully led to a notable increase in leasing activity. This transaction marks a significant milestone in NCW鈥檚 value-creation strategy and its commitment to sustainability-driven investments.
The property is currently 95 per cent leased, providing a stable rental income. It boasts a weighted average lease expiry (WALE) of five years and in-place lock-in periods, ensuring long-term income stability. The asset's impressive tenant roster includes leading legal, pharmaceutical, and financial institutions from India, alongside other prominent front-office tenants. This acquisition further reinforces PRIME fund鈥檚 strategy of investing in high-quality office spaces across India鈥檚 prime commercial hubs.
Gaurav Puri, Chief Investment Officer at NCW, commented: 鈥淲e are excited to acquire Prius Platinum. This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund鈥檚 (PRIME) strategy of creating a high quality, sustainable, income-generating portfolio. With India鈥檚 commercial real estate sector continuing to show strong fundamentals, this acquisition marks an important milestone in delivering world-class investment solutions for our investors.鈥�
Rahul Chhaparwal, Partner at Kotak Alternate Asset Managers Limited, stated: 鈥淲e are proud of the journey this asset has undergone 鈥� from acquisition through IBC to a complete revival as a state-of-the-art, ESG-compliant commercial hub. This sale is a testament to the strength of our asset management capabilities and our ability to create long-term value for stakeholders through sustainability-focused strategies.鈥�
