Bangalore AND MUMBAI, INDIA, March 1, 2022 /CNW/ – RMZ Corp (“RMZ”), one of india leading private real estate owners, investors and developers, and the Canada Pension Plan Investment Board (“CPP Investments”) announced today that they have entered into their second joint venture to develop and own trade offices in key cities across India.
CPP Investments’ total capital commitment to the joint venture will amount to INR 26.5 billion (449 million Canadian dollars), to support the development and acquisition of projects through India.
Manoj MendaCorporate President, RMZ Corp said, “We are delighted to extend our relationship with CPP Investments. This joint venture will provide RMZ with additional opportunities to forge new strategic financial co-investments and stay ahead of the curve while significantly increasing capital allocation to core and development asset portfolios. The two joint ventures were created to develop assets worth more than US$2.5 billion through cities. This partnership brings RMZ closer to our vision of supercharging and our growth strategy by 2032.”
The joint venture will be established with StarTech – a 1.37 million square foot Class A office building located in Koramangala, bangalore, which is currently jointly 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 Class A commercial office space across Hyderabad and Chennai.
Arshdeep SethiSenior Managing Director, RMZ Corp said, “We are delighted to expand our relationship with CPP Investments, an organization that shares our commitment to protecting our environment and ensuring the sustainability of 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 into other cities.”
Hari Krishna V, Managing Director, Real Estate – IndiaCPP investmentssaid, “We continue to identify strong demand for high-end commercial office space in prime locations across the city of Indialike bangalore. As the city grows as a destination for technology companies and start-ups, we are working alongside market leaders, such as RMZ, to grow our portfolio to meet demand. Our overall objective remains to improve our ability to deliver strong long-term risk-adjusted returns to CPP contributors and beneficiaries. »
Spread over 8 acres, Star Tech is a LEED Platinum-rated green building and premium business campus with 100% occupancy.
About RMZ Corp.
RMZ Corp is one of india leading private real estate owners, investors and developers committed to building socially, economically and environmentally responsible assets and communities.
The company’s massive transformation goal is to imagine, create and transform for the future. They own and operate a portfolio of real estate assets of 67 million square feet and are on track to reach 350 million square feet of assets by 2032. They are among the only zero-debt real estate companies in the world. Their innovative approach to real estate development and management consistently raises the industry bar for quality and sustainability. By taking a leap of faith and adapting to, and even embracing, the digital universe, they are driving a sustained transformation program to deliver superior real assets with enhanced member experiences.
RMZ currently owns 12 billion US dollars value of actual assets that are operational and under development. The organization plans to diversify into new asset classes such as industrials, logistics and hospitality through new platforms and global partnerships. Additionally, the company plans to invest in and develop brownfield and greenfield projects by leveraging its strategic, development management and financial engineering capabilities, which will focus on adding value and improving of its development portfolios.
RMZ Corp has amassed many triumphs and received many accolades – from managing the only development project of India to win the 2020 ULI Asia Pacific Awards for Excellence for being the first company in the world to achieve a WELL Health—Safety rating for facility operations and management. The company has developed the largest portfolio of assets certified under LEED Arc, a platform for monitoring and rating building performance. RMZ Corp, today, ranks among the world’s leading real estate companies.
About RPC Investments
Canada Pension Plan Investment Board (CPP Investments)MT) is a professional investment management organization that manages the fund in the best interests of more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified asset portfolios, investments are made worldwide in public equities, private equities, real estate, infrastructure and fixed income securities. Based at Torontowith offices at hong kong, London, Luxemburg, Bombay, New York City, San FranciscoSao Paulo and sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. AT December 31, 2021the Fund has totaled C$550.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
SOURCE Canada Pension Plan Investment Board
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