Grade-A developments on three sites in Chennai and Hyderabad
Toronto-headquartered Canada Pension Plan Investment Board (CPP Investments) will invest US$210 million through a joint venture which is to develop and hold commercial office space in Chennai and Hyderabad.
CPP Investments’ JV partner is RMZ, one of Asia’s largest privately-owned real estate owners and developers. The partners will develop 10.4 million square feet of high-quality commercial office sites.
“As India continues to be a strong source of global talent, demand for collaborative and engaging work space is expected to grow,” said Hari Krishna, Managing Director, Real Estate – India, CPP Investments.
“Working alongside RMZ Corp, a pioneer in the commercial property industry, this joint venture is well placed to meet the growing demand for high-quality sustainable office assets in Chennai and Hyderabad,” said Krishna.
“RMZ is widely recognized as one of the most innovative and prolific developers in Asia, 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 of RMZ Corp, said on 12 April 2021.
“The value of the partnership assets, once developed, is estimated to be over US$1.5 billion,” Menda added.
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 amongst the only zero-debt real estate companies globally. With equity deals for assets over the last few months, we have ample headroom to achieve our next phase of growth,” assured Arshdeep Sethi, Managing Director, RMZ Corp.
RMZ Corp has over 200+ enterprise customers in 6 Indian cities with 67 million square feet and US$10 billion of assets that are owned and being developed by them. With a hyper-growth strategy and the use of exponential technologies they plan to build a one million member quantified community across 800+ enterprise customers across 87 million+ square feet of Real Assets and achieve the RMZ 2.0 vision.
CPP Investments™ is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income.
CPP Investments manages the Canada Pension Plan. At 31 December 2020, the Fund totalled C$475.7 billion. #tenders #projects #investment #property /fiinews.com
