Cushman & Wakefield, Nuvama to raise Rs 3,000cr

Hyderabad: Nuvama Asset Management, the alternatives-focused asset management arm of Nuvama Wealth Management Ltd and Cushman & Wakefield, a leading global commercial real estate services firm, announced the formation of a new 50:50 joint venture entity, Nuvama and Cushman & Wakefield Management Private Limited (NCW).

The new entity will act as a powerful platform offering full suite of capabilities for investing in commercial real estate. As a unique offering to investors, NCW is planning to launch its first real estate fund – PRIME Offices Fund and aims to raise Rs 3,000 crore to invest in prime commercial offices across India’s high-growth markets.

Matthew Bouw, Chief Executive, Asia Pacific, Cushman & Wakefield said, “India continues to be a standout player in the office sector both regionally and globally. With average demand forecasted at 40 million square feet per year through 2027, India’s forecasted net absorption is expected to account for 50 per cent of total office demand in Asia Pacific.”