Privately-owned owner and operator of real assets, RMZ Corp has completed the sale of 12.8M sft. of 67M sft. (circa 18%) of their Real Estate assets to a fund managed by Brookfield Asset Management, for US $2 Billion.
The US$2 Billion deal will fuel RMZ’s strategy of growing their real asset portfolio to 87M sft. and US$15 Billion from their current portfolio of US$10 Billion and 67M sft. over the next six years.
“The deal between RMZ Corp and Brookfield marks our most important milestones for the year- conversion to a ‘debt-free’ firm. At RMZ, we look forward to enhancing our hypergrowth strategy,” said Manoj Menda, Corporate Chairman, RMZ Corp.
The transacted portfolio has assets in Bangalore, Chennai, Pune and the groups co-working operator CoWrks. A part of RMZ’s real asset, RMZ Ecoworld is at the core of the transaction. It is a 14M sft. office development, located in Outer Ring Road, Bangalore of which 6.7M sft. is acquired by Brookfield.
RMZ will channelize the investment to clear all their debts and fuel their hyper-growth strategy.
-AK
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.