New Delhi, March 3 -- Prime Offices Fund (Prime), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW), has acquired TenSteps, a commercial office asset in Pune's Kharadi, from Singapore-based Keppel Land, the company said in a statement.

The deal marks Prime's third transaction, helping it build a diversified office portfolio across India's key office markets.

TenSteps is a 1.1 million sqft office development, acquired through a joint venture structure where Prime holds a 51 percent stake and Keppel Land retains the balance stake.

The company did not disclose the deal value of the transaction.

Following the transaction, Prime's portfolio will scale up to 3.8 million sqft across Delhi NCR, Chennai and Pune.

The deal marks back to back transactions between Keppel Land and Prime. Recently, Prime bought 2.4 million sq ft office campus in Chennai from Keppel for Rs 2,550 crore, marking Prime's second deal.

In its maiden deal, the fund had acquired Prius Platinum office building in Delhi for approximately Rs 750 crore.

Meanwhile, the statement on the most recent acquisition said that Pune's established position as a technology and Global Capability Centre (GCC) hub aligns well with Prime's focus on acquiring high quality assets in key office markets.

"This transaction reinforces the investment principles we set out with -disciplined capital deployment in prominent growth markets with a clear focus on asset quality. As we deploy the fund corpus, our priority remains building a portfolio of Grade-A+ assets in key office markets that offer long-term visibility on demand and value creation for our investors. Pune fits squarely within this framework," said Gaurav Puri, chief investment officer, NCW.

With this acquisition, Prime continues to advance its portfolio build-out through a selective, asset-led approach, adding a high-quality office development in India's key office corridors, he said.

Nuvama and Cushman & Wakefield Management Private Limited (NCW) is a 50:50 joint venture between Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd, and global real estate services firm Cushman & Wakefield.

NCW offers full-suite capabilities for investing in commercial real estate and aims to open access for domestic investors to participate in high-quality real estate opportunities.

NCW's flagship fund, the Prime Offices Fund (Prime), marked its first close in 2025. The JV's maiden fund has a target corpus of Rs 4,000 crore (around $436 million). The fund had an initial corpus of Rs 3,000 crore but its size was later upped on positive market feedback. It hit its first close in January last year at Rs 1,700 crore.

Published by HT Digital Content Services with permission from VC Circle.