News Desk, News Nation 360 : The world-renowned provider of commercial real estate services, Cushman & Wakefield [NYSE: CWK], and Nuvama Asset Management, the alternatives-focused asset management division of Nuvama Wealth Management Ltd (NSE, BSE: NUVAMA), announced the creation of a new 50:50 joint venture, Nuvama and Cushman & Wakefield Management Private Limited ("NCW"). The new company will function as a potent platform with a comprehensive set of tools for making commercial real estate investments. The joint venture will leverage Cushman & Wakefield's worldwide experience in the commercial real estate sector to create a unique strategic platform that seeks to provide investors with superior fund management expertise through Nuvama. Initially, the joint venture will concentrate on offering domestic investors investment opportunities in the traditionally global investor-dominated Indian commercial real estate market. Commenting on the announcement, Ashish Kehair, Managing Director & CEO of Nuvama Group said that amidst a global economy that is still mostly recovering, the Indian economy and financial markets continue to be one of the few bright spots, exhibiting remarkable resilience.
India's economic expansion has benefited commercial real estate, which has drawn top-notch institutional global capital. Because there aren't many well-scaled local vehicles in the pre-REIT space, they are witnessing an increase in interest from domestic investors, who have hitherto viewed this as an experimental play. This joint venture represents a significant advancement in the high-quality alternative investing solutions that Nuvama continuously strives to provide. Although awaiting for SEBI approval, NCW intends to introduce its first real estate fund, the PRIME Offices Fund (PRIME), as a special offering to investors. The fund's goal is to raise INR 3000 crore, which will be used to invest in prime commercial buildings in high-growth markets throughout India. The PRIME Offices fund aims to invest in Grade A+ “Offices of the future” across micro markets in the top 6 cities of Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad that account for 70%+ of the leasing activity within India. The fund will consider investments in completed, leased, and new construction projects.
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