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RMZ and CPP join hands for commercial real estate development in India

RMZ Corp and CPP Investments announced that they have entered into a joint venture to develop and hold commercial office space in Chennai and Hyderabad

RMZ Corp | Real Estate  | Real estate developers


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RMZ Corp, one of Asia's largest privately-owned owners & developers and Canada Pension Plan Investment Board ("CPP Investments") announced today that they have entered into a joint venture to develop and hold commercial office space in Chennai and Hyderabad.

CPP Investments will invest Rs 15,000,000,000 (USD 210 million), which will allow for the expected development of 10.4 million square feet of high-quality commercial office sites.

"RMZ is widely recognized as one of the most innovative and prolific developers in Asia, dedicated to working to the highest standards across all aspects of the equation. The partnership with CPP Investments, a globally respected institutional investor, will only strengthen our vision of achieving our hyper-growth strategy target of RMZ 2.0," said Manoj Menda, Corporate Chairman, . "The value of the partnership assets, once developed, is estimated to be over USD 1.5 billion".

"RMZ is amongst the only zero-debt companies globally. With equity deals for assets over the last few months, we have ample headroom to achieve our next phase of growth." - Arshdeep Sethi, Managing Director, .

The three sites that form this transaction - RMZ Nexity (Hyderabad), RMZ Spire (Hyderabad) and RMZ One Paramount (Chennai) - are Grade-A developments and will be examples of the highest-quality commercial space within the cities once completed. Of the 10.4 million square feet included in the transaction, 7.5 million square feet is already under active development with construction of the remaining space due to commence in the coming months.

"As India continues to be a strong source of global talent, demand for collaborative and engaging work space is expected to grow," said Hari Krishna, Managing Director, Real Estate - India, CPP Investments. "Working alongside RMZ Corp, a pioneer in the commercial property industry, this joint venture is well placed to meet the growing demand for high-quality sustainable office assets in Chennai and Hyderabad."

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, April 12 2021. 09:43 IST