CPPIB floats joint venture with Bengaluru's RMZ to tap office properties

Canada pension fund manager plans to infuse Rs 2,500 cr into the venture

Canadian pension fund manager Canada Pension Plan Investment Board (CPPIB) has signed an equal joint venture with Bengaluru-based office property developer RMZ for development in Chennai and Hyderabad.
 
While CPPIB will invest Rs 2,500 crore in the joint venture, RMZ will bring in land for development, said Manoj Menda, corporate chairman at RMZ. The JV will develop 12 million square feet in total, he said. Value of the total developed properties would be around $1 billion, he added.
 
Last year, RMZ sold 12 million square feet of its portfolio to Canadian investor Brookfield for $2 billion. This representated