NEW DELHI: Prime Offices Fund (PRIME), a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management (NCW), has obtained a 51% stake in TenSteps, a 1.1 million sq. ft. office project located in Pune’s Kharadi micro-market.
This deal was executed through a joint venture, with Keppel maintaining the remaining 49% stake. The asset is currently in the leasing phase.
With this acquisition, PRIME’s office portfolio will grow to about 3.8 million sq. ft. across major markets, including Delhi NCR, Chennai, and Pune.
NCW, which manages the fund, is a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield.
The Pune acquisition comes after PRIME’s purchase of a 2.4 million sq. ft. office campus in Chennai’s Porur area in September 2025. This asset was acquired outright from Keppel’s real estate division for approximately ₹2,550 crore.
The Chennai property spans over 12.6 acres and features three grade-A office towers with a gross leasable area of 2.4 million sq. ft. Previously, Keppel acquired this tech park from RMZ Corporation and CPP Investments.
