A commercial real estate fund managed by Nuvama Wealth Management Ltd and Cushman & Wakefield has acquired a majority stake in a large Grade A office development in Pune, further expanding its institutional office portfolio in India.

The investment has been made through Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Private Limited.

According to sources, the fund has acquired a 51% stake in the TenSteps office project, a Grade A commercial development located in Kharadi in Pune.

The project spans approximately 1.1 million square feet of development area and has been acquired for nearly ₹1,000 crore.

The investment has been structured as a joint venture, with PRIME holding a 51% stake, while the remaining share is owned by Keppel.

TenSteps is an IGBC LEED Platinum pre-certified development, highlighting its sustainability-focused design and environmental standards. The project is located in Kharadi, one of Pune's major business districts known for its strong presence of technology firms and Global Capability Centres (GCCs).

With this acquisition, PRIME's portfolio will expand to over 3.8 million square feet of office assets across Delhi NCR, Chennai, and Pune.

The transaction also takes the Gross Asset Value (GAV) of the NCW-managed portfolio to more than ₹4,000 crore.

The investment marks PRIME's entry into Pune, making it the third city in the fund's portfolio, and aligns with its strategy of building a diversified platform of institutional-grade office assets across major commercial hubs.

The fund's strategy is centered on acquiring Grade-A and Grade-A+ commercial properties in key growth markets with strong occupier demand.

Officials said Pune's established reputation as a technology hub and GCC destination makes it an attractive market for long-term office investments.

With the latest acquisition, PRIME aims to continue expanding in locations that offer strong tenant demand, access to skilled talent, and long-term growth potential for commercial real estate.

Nuvama and Cushman & Wakefield Management Private Limited (NCW) is a 50:50 joint venture between Nuvama Asset Management, the alternatives investment arm of Nuvama Wealth Management Ltd, and global real estate services firm Cushman & Wakefield. The platform focuses on building and managing a portfolio of institutional-grade office assets across key commercial markets in India.

The acquisition of a majority stake in the TenSteps office development underscores growing institutional interest in India's commercial real estate sector. With Pune emerging as a major hub for technology companies and Global Capability Centres, large Grade A office developments continue to attract long-term capital from global and domestic investors. For PRIME, the investment strengthens its presence across India's leading office markets and marks a significant step in expanding its commercial portfolio.