Private equity investor Nuvama Asset Management and global property consultant Cushman & Wakefield have formed an equal joint venture (JV) to invest in commercial properties across India.

The JV company, Nuvama and Cushman & Wakefield Management, will raise a Rs 3,000 crore fund from domestic investors to invest in commercial properties. It has applied with SEBI to float the fund to be called Prime Offices Fund and is awaiting approval.

The fund aims to invest in Grade-A office space across micro markets in Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad which account for 70 percent of the leasing activity within India. The fund will invest in completed assets and those which are nearing completion, as well as five to seven assets with each asset of Rs 500 crore to Rs 1,000 crore. 

The fund will look at an internal rate of return or IRR of 18 percent.