RMZ, CPP Partners to Develop Commercial Real Estate in India

RMZ Corp has entered into a joint venture with Canada Pension Plan Investment Board ("CPP Investments"). This partnership has been signed to develop and hold commercial office space in Chennai and Hyderabad.

Manoj Menda, Corporate Chairman, RMZ Corp says, "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 real estate 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.The value of the partnership assets, once developed, and is estimated to be over $1.5 billion.”

However, CPP Investments is also set to invest 15, 000,000,000 ($210 million), which would enable for the expected development of 10.4 million square feet of high-quality commercial office sites.

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

Now, RMZ Nexity (Hyderabad), RMZ Spire (Hyderabad) and RMZ One Paramount (Chennai) are the three sites that form this transaction. They are Grade-A developments and would be examples of the high-quality commercial space within the cities post its completion. Out of 10.4 million square feet included in the transaction, about 7.5 million square feet is already under active development with construction of the remaining space due to commence in the coming months.

Hari Krishna, Managing Director, Real Estate - India, CPP Investments says, "As India continues to be a strong source of global talent, demand for collaborative and engaging work space is expected to grow. 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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