MUMBAI: 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.
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.
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.
