Opportunities beyond the planned investment, including acquisitions, will also be looked at, the two companies have said
The company has its sights on an annual capital deployment of $4 billion, and out of this, a major portion of 15 percent will be used for global expansion, RMZ chief Manoj Menda reportedly said.
In the past CPPIB has been selective in its approach and has participated in equity capital market deals like the SBI Life Insurance IPO, the Power Grid InvIT IPO and the Embassy Office Parks QIP.
Bengaluru-based RMZ Corp, which is one of the leading commercial real estate player, said it has entered into a joint venture with Canada Pension Plan Investment Board (CPP Investments) to develop and hold commercial office space in Chennai and Hyderabad.
RMZ Corp will sell 12.5 m sq ft of its 67 m sq ft real estate assets to fuel its hyper-growth strategy
This partnership also marks a joint intent to expand into other major Indian cities.
Real estate developer RMZ Corp, has announced a strategic partnership with Hyderabad-based business house, My Home Group, to develop premium commercial office spaces in the city with an investment of over USD 1 billion. R
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.
Essar may use some of the proceeds to pare its debt, which stands at about Rs 80,000 crore. Essar said it has entered into an agreement to sell Equinox Business Park, developed by the Essar group firm Equinox Realty Holding Ltd.
According to the assurance, tax and advisory firm Grant Thornton, M&A deal values fell by 32 percent year-on-year largely due to decreased cross-border activity.
In what is expected to be biggest commercial real estate deal in Mumbai, Benagluru-based RMZ Corp will acquire Essar‘s business park in the city for an estimated value of Rs 2,350 crore.
London‘s AIM listed Unitech Corporate Parks has put a Gurgaon IT SEZ on the block for Rs 2800-3000 crore. “Bangalore is a good market(real estate) if somebody has the patience,†says Shveta Jain, Executive Director - Residential, Cushman & Wakefield India. She also says property in Ahmedabad is more or less dominated by NRIs.
CNBC-TV18's Vineetha Athrey reports, quoting sources, that Qatar Investment Co plans to foray into the Indian realty sectir by inking a pact with Bangalore-based RMZ Corp after Investing a whopping USD 1.26 billion in telecom giant Bharti Airtel.