Nuvama Asset Management and worldwide commercial real estate services provider Cushman & Wakefield, have formed a joint venture entity on Wednesday that will launch a Rs 3,000-crore commercial real estate fund. Nuvama and Cushman & Wakefield Management will be the names of the new company.

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Matthew Bouw, CEO of Cushman & Wakefield Asia Pacific, Anshu Kapoor, President & Head of Nuvama Asset Management, and Anshul Jain, Managing Director of Cushman India & Southeast Asia, made the announcement.

According to the firms, the joint venture intends to provide better fund management capabilities to investors through Nuvama while leveraging Cushman's global knowledge in the commercial real estate industry.

According to them, the joint venture would focus on providing investment opportunities to local investors in the commercial real estate industry.

According to a release, Nuvama Asset Management, formerly known as Edelweiss Wealth Management, is the asset management branch of Nuvama Wealth Management and has over 1.1 million clients in the country.

Talking about the joint venture, Anshu Kapoor said, "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."

In terms of net addition of office space, he said Shanghai leads the market in Asia Pacific, followed by Bengaluru (71 million sq ft), Hyderabad (43 million sq ft), Delhi-NCR (43 million sq ft), Mumbai area (32 million sq ft), Pune (26 million sq ft), and Chennai (16 million sq ft).

According to Matthew Bouw, India remains a noteworthy player in the office sector both regionally and worldwide.

According to Anshul Jain, the country will create 300 new global capacity centres over the next three years.

(With Agency Inputs)