RMZ Corp, privately-owned real estate owner & developers and Canada Pension Plan Investment Board has announced that they have entered into a joint venture to develop and hold commercial office space in Chennai and Hyderabad.
CPP Investments will invest INR 15,000,000,000 (US$210 million), which will allow for the expected development of 10.4 million square feet of high-quality commercial office sites.
“RMZ is widely recognized as one of the most innovative and prolific developers in Asia, dedicated to working to the highest standards across all aspects of the real estate equation. The partnership with CPP Investments, a globally respected institutional investor, will only strengthen our vision of achieving our hyper-growth strategy target of RMZ 2.0.” – Manoj Menda, Corporate Chairman, RMZ Corp. “The value of the partnership assets, once developed, is estimated to be over US$ 1.5 billion”.
“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.” – Arshdeep Sethi, Managing Director, RMZ Corp.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.