CPPIB to infuse Rs 26.5 bn in JV with RMZ to develop office spaces
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RMZ Corporation has entered into its second joint venture (JV) with Canada Pension Plan Investment Board (CPPIB) to develop and hold commercial office space in key cities across India. The total aggregate capital commitment by CPPIB into the JV is going to be around Rs 26.5 billion to support the development and acquisition of projects across India. The JV is to be seeded with StarTech, a 1.37 million sq ft Grade A office building in Koramangala, Bengaluru, co-owned by RMZ and Prestige Estates. CPPIB will acquire the entire stake of Prestige in StarTech. It is the second JV between RMZ and CPPIB, following their first JV in 2021 to develop and manage around 10 million sq ft of Grade-A commercial office spaces across Hyderabad and Chennai. The two JVs together have been established to develop assets worth over $2.5 billion across cities.Contact: Canada Pension Plan Investment BoardE-mail: email@example.comTel: 022-6151 4400Website: www.cppinvestments.com