Prime Offices Fund (PRIME), a commercial real estate focussed fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), a joint venture between Nuvama Asset Management Limited and Cushman and Wakefield, has acquired a 2.4 million sq. ft. office campus located in Porur, Chennai for ₹2550 crore.
The asset, One Paramount, was acquired through a 100% buyout from Keppel’s real estate division, at transaction value of approximately ₹2,550 crores, marking PRIME’s second acquisition, NCW said in a statement.
The Campus is a LEED Platinum development, leased to a diversified tenant base comprising both Global Capability Centres (GCC) and domestic technology majors. Located in one of Chennai’s most attractive office corridors, the asset offers institutional-grade infrastructure, campus style amenities and excellent connectivity to key residential and commercial hubs.
This acquisition underscores PRIME’s philosophy of investing in future-ready, sustainable, performance-led assets in strategic micro-markets that cater to the evolving needs of global occupiers. With its scale, sustainability credentials, and blue-chip tenant profile, the asset strengthens the fund’s ability to deliver resilient returns and long-term value to investors, the statement said.
{{/usCountry}}This acquisition underscores PRIME’s philosophy of investing in future-ready, sustainable, performance-led assets in strategic micro-markets that cater to the evolving needs of global occupiers. With its scale, sustainability credentials, and blue-chip tenant profile, the asset strengthens the fund’s ability to deliver resilient returns and long-term value to investors, the statement said.
{{/usCountry}}This transaction marks the largest trade executed by any domestic fund, in a space otherwise dominated by global capital pools.
“This second acquisition under PRIME is a strong validation of our strategy and execution. With this, we’re reinforcing our commitment to building a portfolio that reflects the evolving priorities of global occupiers: sustainability, agility, and institutional-grade quality. Chennai continues to attract deep occupier interest, especially from GCCs, and Porur stands out as a micro-market with long-term fundamentals. As we expand our footprint, our focus remains on high quality ‘offices-of-the-future’ that meet the expectations of our investors and set new benchmarks for commercial real estate in India,” said Gaurav Puri, Chief Investment Officer, NCW.