New Delhi: Prime Offices Fund (PRIME), the commercial real estate-focused investment vehicle managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), has announced the successful acquisition of Prius Platinum, a premium Grade A office asset located in Saket District Centre, South Delhi.
This acquisition from a fund managed by Kotak Alternate Asset Managers Limited marks a key milestone in PRIME’s strategy to build a sustainable, high-quality, income-generating portfolio of office assets across India’s top urban commercial markets.
Prius Platinum, spanning 0.3 million sq.ft., was acquired by the Kotak-led consortium via the IBC (Insolvency and Bankruptcy Code) route in 2021.
Over the last few years, the asset has undergone extensive upgrades in infrastructure and ESG compliance, leading to significant operational improvements and increased leasing traction.
Today, the property boasts 95% occupancy and a weighted average lease expiry (WALE) of 5 years, backed by long-term in-place lock-in agreements.
Its tenant profile features blue-chip occupiers from the legal, pharmaceutical, and financial sectors, reflecting robust demand for institutional-grade office space in New Delhi.
“This acquisition of Prius Platinum underscores our belief in the long-term fundamentals of India’s commercial real estate sector,” said Gaurav Puri, Chief Investment Officer at NCW. “It aligns seamlessly with the Prime Offices Fund’s strategy to invest in top-tier assets that are ESG-compliant, income-generating, and located in core micro-markets.”
The transaction also highlights the successful turnaround story led by Kotak Alternate Asset Managers.
“Prius Platinum has transformed from a distressed asset into a fully leased, ESG-compliant commercial destination,” said Rahul Chhaparwal, Partner, Kotak Alternate Asset Managers. “This sale is a testament to our value-creation philosophy and ability to execute complex asset revitalization strategies with a long-term focus.”
Prime Offices Fund Footprint in Key Business Corridors
With India’s commercial real estate market showing sustained momentum, particularly in institutional-grade office assets, this acquisition further solidifies Prime Offices Fund’s footprint in key business corridors and supports investor demand for resilient, sustainable income-yielding properties.
