January 11, 2024: Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management, and global commercial real estate services firm Cushman & Wakefield on January 10, 2024, announced the establishment of a 50:50 joint venture, Nuvama and Cushman & Wakefield Management. This collaborative venture is set to launch a Rs 3,000 crore commercial real estate fund.
The announcement was led by Matthew Bouw, the chief executive officer of Cushman & Wakefield Asia Pacific, Anshu Kapoor, the president and head of Nuvama Asset Management, and Anshul Jain, the managing director of Cushman India & Southeast Asia. The joint venture aims to combine Nuvama’s fund management expertise with Cushman’s proficiency in the commercial real estate industry. The focus of this partnership is to provide investment opportunities in the commercial real estate market for domestic investors, traditionally dominated by global investors.
The inaugural real estate fund from Nuvama and Cushman & Wakefield, named The PRIME Offices fund, will target investments in Grade A+ offices of the future across key micro markets in Bengaluru, NCR, Pune, Mumbai, Chennai and Hyderabad- cities representing over 70% of leasing activity within India. The fund will consider investments in new builds, completed and leased assets.
Nuvama currently oversees client assets totaling Rs 2,89,281 crore, catering to a diverse clientele of approximately 3,300 of India’s wealthiest families. Their offerings include wealth management solutions, investment advisory and estate planning, among other services. On the other hand, Cushman & Wakefield, with a global presence spanning 400 offices across 60 countries, specializes in providing real estate services for property owners and occupiers.
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