RMZ To Double Real Estate Business To $42 Billion By 2029
Menda brothers owned RMZ Corporation has unveiled its transition into an alternate asset owner. The company’s ambitious plan is to double its rent-yielding Real Estate business to $42 billion by 2029. It will channelize investments into Office, Mixed-use, Industrial & logistics, RMZ Living (ultra-luxury residential offering) and the Hospitality sector. RMZ Corporation is governed by a Supervisory Board, whose members serve in an ownership capacity, comprising the Menda brothers – Raj and Manoj, and the family’s second generation– Sidharth and Mihir. An Executive Board, comprising non-family senior leaders from diverse industry backgrounds, oversees each of the firm’s businesses. Reflecting on this transformation, the Menda brothers, Raj and Manoj Menda, Chairs of the Supervisory Board of RMZ Corporation, stated, “This strategic transformation underscores the family’s unwavering commitment to growth and expansion within alternate investment classes. We are deeply focused on investing in high-growth opportunities across geographies that lay the foundations for a sustainable global economy. With the assistance of our second generation, Sidharth and Mihir, RMZ Corporation is positioned to become amongst the world’s largest family-owned alternate asset owners in the next 5 years.” The next generation of the family, Sidharth and Mihir Menda, expressed, “At RMZ Corporation, we find ourselves on the brink of a transformative journey, prepared to reshape our core operations and impact India’s alternative asset landscape. India’s potential to generate $1 trillion in diversified assets over the next 8-10 years is on the horizon, and our objective is to be visionary leaders who fully seize this exceptional opportunity.” The company also announced the appointment of Arshdeep Sethi as President of RMZ Real Estate, and Chief Executive Officers for its various asset classes: Thirumal Govindraj, CEO, RMZ Office; Avnish Singh, CEO, RMZ Mixed Use; Saandip Kundu, CEO, RMZ Living; Avinash Sule, CEO, RMZ Industrial & Logistics; and RMZ Hospitality. RMZ's strategic evolution from a commercial real estate-centric enterprise to a diversified alternative asset owner encompasses various asset classes, with the following key areas: Arshdeep Sethi, the newly appointed President of RMZ Real Estate, stated, "With a two-decade legacy in the real estate industry and a track record of developing one of the largest commercial real estate portfolios in Asia, we are well-positioned to expand into four additional real estate asset classes: Mixed-use, Industrial & Logistics, Living, and Hospitality. Our primary objective is to create exceptional assets and high-quality portfolios on a global scale. We have great confidence in the India growth story and are committed to annually adding rent-yielding real estate around US$ 5 billion to our portfolio, alongside annualized sales of US$ 0.6 billion in luxury residential in 2029. Furthermore, one-fifth of our capital allocation strategy is dedicated to acquiring and developing premium real estate in key gateway markets worldwide, such as London and New York."
Tags : Menda brothers Thirumal Govindraj RMZ Office Avnish Singh CEO RMZ Mixed Use; Saandip Kundu CEO RMZ Living; Avinash Sule CEO RMZ Industrial & Logistics; and RMZ Hospitality.