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Cushman & Wakefield forms JV with Nuvama Asset Management

December 2023

Client(s) Cushman & Wakefield, Inc.

Jones Day advised Cushman & Wakefield, a leading global commercial real estate services firm, in connection with the formation of a new 50:50 joint venture entity, Nuvama and Cushman & Wakefield Management Private Limited (NCW), with Nuvama Asset Management, the alternatives-focused asset management arm of Nuvama Wealth Management Ltd. The new entity will act as a powerful platform offering full suite of capabilities for investing in commercial real estate. The joint venture will establish a differentiated strategic platform that aims to empower investors with superior fund management expertise through Nuvama, while leveraging Cushman & Wakefield’s global expertise in the commercial real estate industry. The joint venture will initially focus on providing investment opportunities to domestic investors in the Indian commercial real estate market, a space which has traditionally been dominated by global investors. NCW is planning to launch (having applied to SEBI for approval) its first real estate fund – PRIME Offices Fund (PRIME) and aims to raise INR 3000 crore (approximately US$360 million) to invest in prime commercial offices across India’s high-growth markets.

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