In a strategic move poised to reshape Kolkata’s commercial real estate landscape, Nuvama Asset Management and Cushman & Wakefield Management Private Limited (NCW) have unveiled plans for their maiden Commercial real estate fund, ‘PRIME’. The joint venture, formed between Nuvama Asset Management and Cushman & Wakefield, is generating significant momentum and interest in Kolkata’s investment circles.
The ‘PRIME’ fund, with a target corpus of INR 3,000 crore, aims to invest in Grade A and A+ “Offices of the future” across key micro-markets in India’s top 6 cities, which command over 70% of the leasing activity. This initiative presents a unique opportunity for investors in Kolkata to participate in India’s burgeoning commercial real estate sector, historically dominated by global investors. Anshu Kapoor, President & Head of Nuvama Asset Management, highlighted the substantial growth potential in the commercial real estate segment and expressed confidence in empowering Kolkata investors with tailored investment solutions. Anshul Jain, Chief Executive of India & Southeast Asia and Asia Pacific Tenant Representation at Cushman & Wakefield, echoed Kapoor’s sentiments, citing India’s robust economic forecast and increasing demand for Grade A office spaces as driving forces behind the venture’s optimism.
The venture’s strategic focus on Kolkata and the Eastern belt of India underscores the region’s rising prominence in the commercial real estate domain. With India’s office sector surpassing global market expectations and recording consecutive quarters of over 20 million sq ft of gross leasing volumes, the stage is set for Kolkata to emerge as a key player in the nation’s commercial real estate narrative.
