Prime Offices Fund (PRIME), managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), has recently made a major acquisition in South Delhi. The fund announced its purchase of Prius Platinum, a premium Grade A office space located in the Saket District Centre, for an estimated ₹750 crore. This acquisition is part of PRIME’s ongoing strategy to invest in high-quality, sustainable office spaces across India’s prime commercial hubs.
The 3 lakh sq ft operational property, which is 95% leased, provides stable rental income, boasting a weighted average lease expiry (WALE) of five years. This move aligns with the fund’s commitment to creating a strong portfolio of income-generating assets that adhere to sustainability-driven investment strategies.
Prime Offices Fund’s Strategic Acquisition
The acquisition of Prius Platinum marks a key milestone for the Prime Offices Fund. The property was purchased from a Kotak-led consortium and is located in the well-established business hub of South Delhi’s Saket District Centre. This area has seen an influx of commercial developments, making it a sought-after location for businesses looking for Grade A office spaces.
The Prius Platinum property was previously acquired by the Kotak consortium in 2021 through the Insolvency and Bankruptcy Code (IBC) process. Since its acquisition, the property underwent significant upgrades, including Environmental, Social, and Governance (ESG) initiatives, enhancing its operational performance and increasing leasing activity.
The property is home to a number of marquee tenants from sectors such as legal, pharmaceutical, and finance. It enjoys a monthly rental income of approximately ₹5 to ₹6 crore and offers long-term income stability due to its robust leasing structure.
Key Highlights of the Acquisition
- Property Name: Prius Platinum
- Location: Saket District Centre, South Delhi
- Area: 3 lakh sq ft
- Acquisition Price: ₹750 crore
- Leased Status: 95% leased
- Monthly Rent: ₹5 to ₹6 crore
- Tenant Composition: Leading legal, pharma, and financial institutions
- Weighted Average Lease Expiry (WALE): 5 years
This acquisition reflects Prime Offices Fund’s strategy of investing in premium office spaces across India’s high-growth commercial hubs. The fund aims to provide domestic investors with access to world-class real estate opportunities, contributing to the growing demand for institutional-grade office spaces in the country.
Expert Insights on the Acquisition
Gaurav Puri, Chief Investment Officer (CIO) of NCW, expressed his excitement about the acquisition, saying, “We are excited to acquire Prius Platinum. This rare, institutionally owned asset perfectly aligns with the Prime Offices Fund’s strategy of creating a high-quality, sustainable, income-generating portfolio. With India’s commercial real estate sector continuing to show strong fundamentals, this acquisition marks an important milestone in delivering world-class investment solutions for our investors.”
Rahul Chhaparwal, from Kotak Alternate Asset Managers Limited, also commented on the transformation of the property, stating, “We are proud of the journey this asset has undergone—from acquisition through IBC to a complete revival as a state-of-the-art, ESG-compliant commercial hub. This sale is a testament to the strength of our asset management capabilities and our ability to create long-term value for stakeholders through sustainability-focused strategies.”
Summary Table: Quick Facts
| Key Insight | Details |
|---|---|
| Acquisition Price | ₹750 crore |
| Location | Saket District Centre, South Delhi |
| Area | 3 lakh sq ft |
| Leased Status | 95% leased |
| Monthly Rental Income | ₹5 to ₹6 crore |
| Tenant Profile | Legal, pharma, finance institutions |
| WALE (Weighted Average Lease Expiry) | 5 years |
| Transaction Advisor | JLL India |
Frequently Asked Questions (FAQs)
1. What is the significance of Prime Offices Fund acquiring Prius Platinum?
- The acquisition aligns with Prime Offices Fund’s strategy of investing in premium, sustainable office spaces in key commercial hubs across India. The property’s high occupancy and strong tenant base make it a valuable addition to their portfolio.
2. How much did Prime Offices Fund pay for Prius Platinum?
- Prime Offices Fund acquired the Prius Platinum property for ₹750 crore.
3. What is the leased status of Prius Platinum?
- Prius Platinum is 95% leased, providing a stable rental income.
4. What sectors do the tenants of Prius Platinum represent?
- The tenants include leading institutions from the legal, pharmaceutical, and financial sectors.
5. What are the future plans of Prime Offices Fund in the Indian real estate market?
- Prime Offices Fund plans to continue investing in high-quality office spaces across India’s prime commercial markets, focusing on sustainability-driven investments and long-term income generation.