Mumbai's New Real Estate Giant: NCW Fund's Strategic Leap

In a significant development for India's real estate sector, Nuvama and Cushman & Wakefield Management (NCW) have announced the first close of their prime offices fund, amassing a corpus of approximately Rs 1,700 crore. This pioneering venture marks a unique collaboration between a domestic asset management firm and a global leader in real estate services, setting a new benchmark in an industry dominated by international titans like Canada's Brookfield and the US's Blackstone.

With ambitions to reach a final closure at Rs 3,000 crore, the NCW fund is a 50:50 joint venture that synergizes Nuvama's asset management prowess with Cushman & Wakefield's operational expertise in leasing and facility management. The fund is set to revolutionize the concept of 'offices of the future' in India's top six cities: Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad, as outlined by Gaurav Puri, NCW's Chief Investment Officer.

The initiative has already garnered enthusiastic support from high-net-worth individuals (HNIs) and family offices, highlighting a significant shift towards domestic investment opportunities in a market traditionally skewed towards foreign investors. NCW's strategic focus on new developments, as well as completed and leased assets, has established a robust pipeline for deployment, with full deployment anticipated within two years following the final closure.