RMZ Corp is going to take over the 1.25 million sq ft (mnsft) Equinox Business Park that is located in Mumbai's prime CBD at Bandra Kurla Complex and was until now operated by Equinox Realty, the realty arm of Essar. The park is being renamed as RMZ Equinox Business Park.
"We are pleased to enhance the RMZ portfolio in Mumbai with the acquisition of this accretive asset that consolidates our position as a leading operator of office parks in India. The location and specification of these properties will further strengthen RMZ's market position in Mumbai and enhance its operational efficiency. Our objective is to add value to the assets through development and refurbishment, and to invest in economically strong locations that offer an opportunity for value appreciation," said Corporate Chairman RMZ Corp, Manoj Menda.
RMZ has 20 mnsft of core assets, which is valued at USD four billion, under management. It is rapidly marching towards achieving a five-year growth plan of 80 mnsft, which will be anchored by Qatar Investment Authority.
"The acquisition of this investment provides additional accretive opportunities and further diversification of RMZ's growing portfolio in the Mumbai market, demonstrating the fundamentals of acquiring quality assets in strategic locations," said Managing Director Investment RMZ Corp, Arshdeep Sethi.
"Equinox Business Park is a true reflection of Essar's track record of developing world-class assets. We are delighted that this transaction has given us an opportunity to strengthen our ties with a like-minded partner such as RMZ that has been a pioneer in commercial real estate development," said Executive Director (M and A) of Essar, Sudip Rungta.