Kotak Alternate Asset Managers exits Prius Platinum, acquired through IBC, in a Rs 750-cr deal

The Prime Offices Fund (PRIME), a commercial real estate fund managed by the Nuvama and Cushman & Wakefield Management (NCW) joint venture, has made a significant strategic move with the acquisition of Prius Platinum, a premium Grade A office space in South Delhi’s Saket District Centre. The deal, valued at approximately ₹750 crore, marks PRIME’s inaugural investment and signals a robust outlook for India’s commercial real estate sector.

Prius Platinum, spanning 0.3 million square feet, was acquired from a consortium led by Kotak Alternate Asset Managers Limited. Notably, the Kotak consortium had initially purchased the property through the Insolvency and Bankruptcy Code (IBC) process in 2021. Since then, the asset has undergone extensive transformation, including upgrades, ESG (Environmental, Social, and Governance) initiatives, and operational enhancements, leading to a significant increase in leasing activity.

Prius Platinum is currently 95% leased, offering stable rental income with a weighted average lease expiry (WALE) of five years and in-place lock-in periods. Its tenant roster includes prominent names from India’s legal, pharmaceutical, and financial sectors, ensuring long-term income stability for the fund.

Gaurav Puri, Chief Investment Officer at NCW, stated, “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, Partner at Kotak Alternate Asset Managers Limited, expressed pride in the asset’s journey, highlighting its transformation from an IBC acquisition to a state-of-the-art, ESG-compliant commercial hub. He emphasized that the sale is a testament to Kotak’s asset management capabilities and commitment to creating long-term value through sustainability-focused strategies.

The Prime Offices Fund, which received SEBI approval in 2024 and completed its first close at approximately ₹1,700 crore in January 2025, aims to build a sustainable, income-generating portfolio of top-tier office spaces across India’s key commercial hubs. The total fund size is targeted at ₹3,000 crore.

This acquisition underscores the growing attractiveness of India’s commercial property market for institutional and retail investors seeking stable, inflation-hedged rental income from high-quality assets. JLL India acted as the transaction advisor for the deal.

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