RMZ Corp (“RMZ”), one of India’s largest privately-owned real estate owners, investors and developers, and Canada Pension Plan Investment Board (“CPP Investments”) announced today that they have entered into their second joint venture to develop and hold commercial office space in key cities across India.
The total aggregate capital commitment by CPP Investments into the joint venture will be up to INR 26.5 billion (C$ 449 million), to support the development and acquisition of projects across India.
Manoj Menda, Corporate Chairman, RMZ Corp said, “We are delighted to expand our relationship with CPP Investments. This joint venture will provide RMZ additional opportunities to forge new strategic financial co-investments and remain ahead of the curve whilst also significantly increasing capital allocation to the core and development asset portfolios. The two joint ventures together have been established to develop assets worth in excess of US$2.5 billion across cities. This partnership takes RMZ a step closer to our supercharge vision and growth strategy by 2032.”
The joint venture will be seeded with StarTech – a 1.37 million-square-foot Grade A office building located in Koramangala, Bangalore, which is currently co-owned by RMZ and Prestige Estates (“Prestige”). CPP Investments will acquire Prestige’s entire stake in StarTech. This is the second joint venture between RMZ and CPP Investments, following their first joint venture formed in 2021 to develop and manage approximately 10 million square feet of Grade A commercial office spaces across Hyderabad and Chennai.
Arshdeep Sethi, Senior Managing Director, RMZ Corp said, “We are pleased to broaden our relationship with CPP Investments, an organization that shares our commitment to protecting our environment and ensuring sustainabity in building and construction processes. This second joint venture builds on our existing partnership in Hyderabad and Chennai and reiterates RMZ’s strategic objective to expand the Group’s asset base and development pipelines across other cities.”
Hari Krishna V, Managing Director, Real Estate – India, CPP Investments, said, “We continue to identify high demand for premium commercial office space in top city locations in India, such as Bangalore. As the city grows as a destination for technology businesses and start-ups, we are working alongside market leaders, such as RMZ, to grow our portfolio to support the demand. Our overall focus remains to enhance our ability to deliver solid long-term risk adjusted returns to CPP contributors and beneficiaries.”
Spread across 8 acres, Star Tech is a LEED Platinum-rated green building and is a premium commercial campus with 100% occupancy.
