PRIME Fund Buys Chennai Campus in Record Deal

In the first-ever big-ticket transaction in India's commercial real estate market, PRIME Offices Fund, managed by Nuvama and Cushman & Wakefield Management Ltd (NCW), acquired a LEED Platinum-certified technology campus in Porur, Chennai—making it the biggest trade in this segment by a local fund, says fund managers.

The deal comes after the fund purchased an office building in Delhi from Kotak Alts for around Rs.750 crore previously, highlighting a strategic drive towards high-quality, sustainable office buildings in key Indian cities.

“This second acquisition under PRIME is a strong validation of our strategy and execution. we’re reinforcing our commitment to building a portfolio that reflects the evolving priorities of global occupiers: sustainability, agility, and institutional-grade quality.” said Gaurav Puri, Chief Investment Officer, NCW.  

Key highlights:

• PRIME Offices Fund has acquired a LEED Platinum-certified tech campus in Porur, Chennai, marking the biggest commercial real estate transaction in this segment by a local fund
• The fund’s second major acquisition, following a Rs.750 crore Delhi office buy, reinforces its strategy to build a future-ready portfolio aligned with global occupier demands
• Backed by Temasek’s Keppel, the fund increased its target size from Rs.3,000 crore to Rs.4,000 crore after strong investor response, with Rs.1,700 crore secured in its first close

The Chennai campus hosts a mix of global capability centres (GCCs) and Indian tech companies, aligning with current demand from tenants seeking next-gen workspaces.

Supported by Temasek Holdings, Keppel is one of the major investors in PRIME Offices Fund. With an initial target corpus of Rs.3,000 crore, the fund has now grown in size to Rs.4,000 crore following "excellent" investor demand. It achieved its first close at Rs.1,700 crore in January.

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Puri further said, "Chennai, and especially Porur, continues to be a draw for GCCs with good long-term fundamentals. Our attention is on creating 'offices-of-the-future' that surpass investor expectations and set new standards in Indian commercial real estate."