Latest News | Nuvama, Cushman Form JV to Launch Rs 3,000 Cr Commercial Realty Fund

Mumbai, Jan 10 (PTI) Nuvama Asset Management and global commercial real estate services firm Cushman & Wakefield on Wednesday formed a joint venture entity, which will launch a Rs 3,000-crore commercial real estate fund.

The new entity will be known as Nuvama and Cushman & Wakefield Management.

Also Read | APPSC Group 2 Recruitment 2024: Registration Date for 897 Posts Extended Till January 17, Know How To Apply.

The announcement was made by Matthew Bouw, the chief executive of Cushman & Wakefield Asia Pacific; Anshu Kapoor, the president & head of Nuvama Asset Management, and Anshul Jain, the managing director, Cushman India & Southeast Asia.

The joint venture aims to empower investors with superior fund management expertise through Nuvama, while leveraging Cushman's global expertise in the commercial real estate industry, the companies said.

Also Read | Ram Mandir Inauguration Full Schedule: From Ram Lalla’s Idol Installation to Pran Pratishtha Ceremony, Everything To Know About the Historic Milestone in Ayodhya.

The joint venture will focus on providing investment opportunities to domestic investors in the commercial real estate market, they said.

Nuvama Asset Management, formerly known as Edelweiss Wealth Management, is the asset management arm of Nuvama Wealth Management and has over 1.1 million clients in the country, as per a statement.

"We have already identified a few grade-A properties that are already ready or are nearing completion. We hope to invest the fund corpus in 5-7 properties across the six largest and most active office space in the country Bengaluru, Delhi-NCR, Pune, Mumbai, Chennai, and Hyderabad," Anshu Kapoor said.

When it comes to net addition of office space, he said the market is led by Shanghai in Asia Pacific, followed by Bengaluru with 71 million sq ft, Hyderabad, and Delhi-NCR (43 million sq ft each), Mumbai region (32 million sqft), Pune (26 million sq ft), and Chennai at 16 million sq ft.

Matthew Bouw said, India continues to be a standout player in the office sector both regionally and globally.

The country will see creation of 300 new global capability centres over the next three years, Anshul Jain said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)