Nuvama, C&W-backed fund buys Chennai office campus from Keppel for ₹2,550 crore.

Nuvama and Cushman & Wakefield-backed realty fund has acquired a 24 lakh sq ft office campus in Chennai from Keppel group for ₹2,550 crore. This is the second acquisition under the fund, which targets prime commercial office assets across India's high-growth micro-markets. The asset was acquired through a 100% buyout from Keppel's real estate division.

In a significant move, Nuvama & Cushman & Wakefield's Prime Offices Fund has acquired a 2.4 million sq ft office campus in Chennai from Keppel for approximately ₹2,550 crore. This acquisition marks the second deal for the fund and represents a substantial milestone in its strategy to build a portfolio of future-ready, high-quality, ESG-compliant office assets across India's fastest-growing micro-markets Nuvama-Cushman Fund Buys Rs 2,550 cr Office Campus in Chennai^[1].

The Grade-A tech park, known as One Paramount, is located in Chennai's Porur area and houses global tenants such as Genpact, Maersk, UPS, VMware, and Hitachi Energy. The property, part of a 12.6-acre development, was previously acquired by Keppel for around ₹2,100 crore in mid-2024 from realty developer RMZ Corporation and Canadian pension fund CPP Investments Nuvama-Cushman Fund Buys Rs 2,550 cr Office Campus in Chennai^[1].

The acquisition highlights Prime's focus on future-ready, sustainable assets in key micro-markets, strengthening its ability to deliver resilient returns. "This second acquisition under PRIME is a strong validation of our strategy and execution," said Gaurav Puri, Chief Investment Officer, NCW. "With this, we’re reinforcing our commitment to building a portfolio that reflects the evolving priorities of global occupiers: sustainability, agility, and institutional-grade quality" Nuvama-Cushman Fund Buys Rs 2,550 cr Office Campus in Chennai^[1].

Chennai's office market fundamentals remain robust. From less than 1 msf in the late 1990s, the stock has surged to 76 msf by mid-2024. Leasing hit a record 10.5 msf in 2023, while the first half of 2025 saw 5.5 msf absorption, a 57% YoY jump. Demand is spreading beyond OMR into Radial Road, Tambaram, Ambattur, and Madhavaram, aided by infrastructure upgrades. Sectoral demand is diversifying with IT, GCCs, BFSI, and life sciences with the latter clocking a 60% leasing rise in 2024 Nuvama-Cushman Fund Buys Rs 2,550 cr Office Campus in Chennai^[1].

Prime Offices, an equal joint venture between Nuvama and Cushman, targets premium office assets in Mumbai, Bengaluru, NCR, Pune, Chennai, and Hyderabad. The fund raised ₹1,700 crore in its first close in January 2025, which it is aiming to increase to as much as ₹3,000 crore, potentially deploying up to ₹6,000 crore with leverage. Its strategy focuses on rent-yielding, capital-appreciating office assets Nuvama-Cushman Fund Buys Rs 2,550 cr Office Campus in Chennai^[1].

The acquisition is a significant step for Prime Offices, demonstrating its ability to compete with global funds in the Indian office market. It also underscores the growing interest in India's commercial real estate sector, particularly in key micro-markets like Chennai.