MUMBAI: Prime Offices Fund (PRIME), a commercial real estate–focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), has acquired an office asset spread over 1.1 million sq ft in Pune’s Kharadi locality.This acquisition of the asset TenSteps marks the fund’s entry into its third city and reinforces the Fund’s strategy of building a diversified, institutional-grade office portfolio across India’s key office markets.The office development office acquired through a joint venture structure, with PRIME holding a 51% stake and Keppel retaining the balance.The deal is valued at Rs 1,000 crore, said persons familiar with the development. The fund, however, declined to comment on the deal size.“This transaction reinforces the investment principles we set out with, disciplined capital deployment in prominent growth marketswith a clear focus on asset quality. As we deploy the fund corpus, our priority remains building a portfolio of Grade-A+assets in key office markets that offer long-term visibility on demand and value creation for our investors. Pune fits squarely within this framework,” said Gaurav Puri, Chief Investment Officer, NCW.Live EventsFollowing the transaction, PRIME’s portfolio will scale to 3.8 million sq. ft. across Delhi NCR, Chennai and Pune. NCW’s portfolio Gross Asset Value (GAV) is over ₹4,000 crore now.NCW is a 50:50 joint venture between Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management and global real estate services firm Cushman & Wakefield.With this acquisition, PRIME continues to advance its portfolio build-out through a selective, asset-led approach, adding a high-quality office development in India’s key office corridors. This acquisition builds on the fund’s earlier transactions and underscores its execution track record. Its move into Pune signals confidence in markets with real occupier demand, a robust talent base, and long-term institutional appeal. With Pune firmly established as a technology and Global Capability Centre (GCC) hub, the city fits well with the fund’s strategy of acquiring quality office assets in core markets.The acquisition comes at a time when institutional interest in India’s office market is witnessing steady momentum, led by sustained leasing from technology firms and GCCs. Pune’s several micro markets have emerged as one of the country’s most active office corridors, supported by infrastructure upgrades and a steady pipeline of Grade-A supply.Property consultants believe the assets with scale, strong sponsors and leasing visibility continue to attract long-term capital despite global uncertainties.Against this backdrop, PRIME’s entry into the city through a large office asset reflects confidence in occupier-led demand and the ability of established office hubs to deliver stable rental growth and portfolio-level resilience.



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