RMZ Corp today said it will take over the 1.25 million sq ft (mnsft) Equinox Business Parklocated in Mumbai that was until now operated by Equinox Realty, the realty arm of Essar.
Located in Mumbai's prime CBD at Bandra Kurla Complex the park is being renamed as RMZ Equinox Business Park, the company said in a release.
"The location and specification of these properties will further strengthen RMZ's market position in Mumbai and enhance its operational efficiency," RMZ Corp Corporate Chairman Manoj Menda said.
"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," he added.
Stating that RMZ has 20 mnsft of core assets, which is valued at USD 4 billion, under management, the company said it is rapidly marching towards achieving a five-year growth planof 80 mnsft, which will be anchored by Qatar Investment Authority.
"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," Essar Executive Director (M&A) Sudip Rungta said.
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