1:23 AM
RMZ Corp inks JV with CPP Investments to build office complexes
Realty firm RMZ Corp has tied up with Canada Pension Plan Investment Board to develop office complexes in Chennai and Hyderabad and the latter will invest Rs 1,500 crore (USD 210 million) in the joint venture.
Bengaluru-based RMZ Corp, which is one of the leading commercial real estate player, said it has entered into a joint venture with Canada Pension Plan Investment Board (CPP Investments) to develop and hold commercial office space in Chennai and Hyderabad.
"CPP Investments will invest Rs 1500 crore (USD 210 million), which will allow for the expected development of 10.4 million square feet of high-quality commercial office sites," RMZ said.
Both the partners will have an equal stake in the JV firm.
The value of the partnership assets, once developed, is estimated to be over USD 1.5 billion, said Manoj Menda, Corporate Chairman, RMZ Corp.
"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," Menda said.
RMZ is amongst the only zero-debt real estate companies globally, said Arshdeep Sethi, Managing Director, RMZ Corp.