CPP Investments Forms Office JV with RMZ Corporation
Posted on 04/12/2021
RMZ Corporation is one of the largest privately owned real estate developers in India. Canada Pension Plan Investment Board (CPP Investments) entered into a joint venture with RMZ Corp. to develop and hold commercial office space in Chennai and Hyderabad. CPP Investments will invest INR 15,000,000,000 (US$ 210 million), which will allow for the expected development of 10.4 million square feet of high-quality commercial office sites. 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.
“RMZ is widely recognized as one of the most innovative and prolific developers in India, 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.” – Manoj Menda, Corporate Chairman, RMZ Corp. says in a press release. “The value of the partnership assets, once developed, is estimated to be over US$1.5 billion”.