RMZ takes over 1.25 mn sq ft of Equinox Business Park space

Diversified group Essar today said realty player RMZ Corp has taken over 1.25 million sq ft of space in its Equinox Business Park in suburban Bandra.

The park, which was till now operated by Equinox Realty, the real estate arm of Essar, will now be renamed as RMZ Equinox Business Park, the company said in a statement here.

"This transaction has given us an opportunity to strengthen our ties with a like-minded partner such as RMZ that has been a pioneer in commercial real estate development," Essar Executive Director (M&A) Sudip Rungta said.

RMZ has 20 million sq ft of core assets, which is valued at USD 4 billion, under management.

"We are pleased to enhance the RMZ portfolio in Mumbai with the acquisition of this accretive asset that consolidates our position as a leading operator of office parks in India," RMZ Corporate Chairman Manoj Menda said.

"The location and specification of these properties will further strengthen RMZ's market position in Mumbai and enhance its operational efficiency," he said.

The company's objective is to add value to the assets through development and refurbishment, and to invest in economically strong locations that offer an opportunity for value appreciation, said Menda.

RMZ has set a 5-year growth plan of 80 million sq ft which will be anchored by Qatar Investment Authority.