Brookfield Plans Buying 50% Stake in RMZ
Brookfield Asset Management, the Canadian alternative investment firm, is said to be planning to invest $500-800 million (Rs 4,000-5,600 crore) in RMZ Corp to buy up to 50% stake in the Bengaluru-based developer’s business parks. RMZ is expected to create a special purpose vehicle (SPV) to house about 10 business parks across Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR. Brookfield will pick a 30-50% stake in this SPV. The Canadian company, sources said, has already entered into a 90-day lock-in period, where it will do the due diligence. Most of the parks will be from Bengaluru, but the deal is likely to leave out Ecospace, the company’s flagship park. The deal will help RMZ pare its near-term debt of Rs 3,200 crore.
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