Nuvama Asset Management, in partnership with Cushman & Wakefield, has acquired the One Paramount office campus in Porur, Chennai, from Singapore-based Keppel Group for ₹2,550 crore. Spanning 2.4 million square feet, the LEED Platinum-certified campus is fully leased to a mix of Global Capability Centres (GCCs) and Indian technology companies. This acquisition, marking the fund’s second purchase, reflects a strategic focus on high-quality, sustainable office spaces in India’s prime micro-markets. The move underscores growing domestic investor confidence in commercial real estate and positions the Nuvama-Cushman joint venture as a significant player in the sector.
Strategic Significance of One Paramount
The One Paramount campus, completed in 2022, is located in Porur, one of Chennai’s most sought-after office corridors. Its state-of-the-art design, sustainability features, and strong tenant base make it a highly desirable institutional asset. The acquisition aligns with PRIME’s strategy of targeting future-ready, high-quality office spaces that cater to evolving corporate requirements.
PRIME Fund’s Growth Trajectory
Managed by Nuvama and Cushman & Wakefield, the PRIME fund focuses on institutional-grade office assets across India. Its first close in January 2025 raised ₹1,700 crore, and strong investor demand has expanded the corpus to ₹4,000 crore. The acquisition of One Paramount reinforces the fund’s philosophy of long-term value creation and resilience in its real estate portfolio.
Impact on India’s Commercial Real Estate Market
This transaction highlights increasing domestic investor participation in high-value office assets, reducing reliance on global capital. By prioritizing sustainability and top-tier quality, the Nuvama-Cushman JV is influencing investment trends in India’s commercial real estate sector, signaling confidence in urban office growth corridors and the broader corporate leasing market.
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