Canada Pension Plan Investments to fund RMZ’s office space development
Real estate investment, development and management firm RMZ Corp and Canada Pension Plan Investments (CPP Investments) have entered a pact to develop and hold commercial office space in Hyderabad and Chennai.
CPP Investments will invest Rs 15,000 crore for an expected development of 10.4 million sq ft of commercial office sites in Hyderabad and Chennai.
The three sites that will be a part of this transaction—RMZ One Paramount (Chennai), RMZ Nexity (Hyderabad) and RMZ Spire (Hyderabad) are Grade-A developments. Out of the 10.4 million sq ft included in the transaction, 7.5 million sq ft is already under active development, with the construction of the remaining space due to commence in the coming months.
RMZ is a privately-owned developer, manager, and investor of real assets. The company has over 250 enterprise customers in six Indian cities and 85 million sq ft of real assets under ownership.
CPP Investments is a global investment management organisation that invests the assets of the Canada Pension Plan. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York, San Francisco, Sao Paulo and Sydney, the company is governed and managed independently of the Canada Pension Plan and at arm's length from governments.