Nuvama Cushman Fund Expands Commercial Footprint In Pune

Pune’s commercial real estate sector is drawing deeper institutional capital as a major office investment fund completes a significant acquisition in one of the city’s key business districts. Prime Offices Fund, a commercial property platform managed jointly by Nuvama Asset Management and Cushman & Wakefield, has acquired a majority stake in a large Grade A+ office asset in the Kharadi micro-market, strengthening its multi-city presence and reaffirming confidence in India’s tier-II office hubs.

The transaction involves a 51 per cent stake in the “TenSteps” office development — roughly 1.1 million square feet of modern commercial space — acquired through a joint venture structure with global investor Keppel retaining the remaining 49 per cent. The deal, reportedly valued at around ₹1,000 crore, marks the fund’s first major entry into Pune, expanding its footprint in India’s growing corporate property landscape and supporting a diversified portfolio strategy across key office markets.Analysts say the move highlights Pune’s transformation into a sustainable, talent-rich office destination. Once overshadowed by metropolitan peers like Bengaluru and Mumbai, Pune has climbed rankings among India’s top corporate centres — propelled by strong Global Capability Centre (GCC) demand, robust infrastructure, and cost-effective location advantages that resonate with occupiers seeking long-term scalability.

“With this acquisition, we continue building an institutional-grade office portfolio in micro-markets that offer deep occupier demand and long-term value creation,” said a senior investment executive from the fund. The platform now manages approximately 3.8 million square feet of commercial assets across Delhi NCR, Chennai and Pune, reflecting the broadening appeal of office environments outside traditional megacity cores.Urban planners and real estate strategists note that integrated office ecosystems such as Pune’s — underpinned by established educational institutions, technology clusters and improving transit linkages — are increasingly attractive to global occupiers. These markets demonstrate resilience against cyclical pressures and contribute to inclusive urban job hubs that support broader economic growth.

The Kharadi asset itself boasts IGBC LEED Platinum pre-certification, underscoring rising investor emphasis on sustainability credentials in commercial buildings. Green ratings are increasingly influential for institutional capital, with socially responsible frameworks gaining traction among corporate tenants and long-term holders.For developers and local authorities, such institutional investment can catalyse ancillary benefits — from improved public infrastructure coordination to heightened interest in mixed-use developments that tie workplace expansion with housing, retail and mobility enhancements. This ecosystem-driven approach aligns with trends toward climate-responsive and people-centric urban growth.

However, experts emphasise the need for clear long-term leasing fundamentals and infrastructure alignment — such as mass transit connectivity and last-mile mobility — to maximise the potential of such assets within urban fabric. Pune’s office market has shown promising momentum, but sustaining that growth will require coordinated planning between investors, city planners and civic agencies.

The deal, therefore, signals not only institutional confidence in Pune’s commercial real estate but also broader shifts in how global and domestic capital are shaping India’s office market evolution — integrating sustainability, economic opportunity and resilient urban growth into the next chapter of property investment.

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Nuvama Cushman Fund Expands Commercial Footprint In Pune