CPPIB to infuse Rs 26.5 bn in JV with RMZ to develop office spaces

31 Mar 2022 CW Team

RMZ Corporation told the media that it had entered into their 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 will be around Rs 26.5 billion to support the development and acquisition of projects across India.

The JV will 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.

Corporate Chairman of RMZ Corporation, Manoj Menda, said that this JV would provide RMZ with several opportunities to forge new strategic financial co-investments and significantly increase capital allocation to the core and development asset portfolios.

He added that two JVs together had been established to develop assets worth over $2.5 billion across cities.

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.

StarTech is a Leadership in Energy and Environmental Design (LEED) Platinum-rated green building spread across eight acres and has 100% occupancy.

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Also read: CPPIB and Phoenix Mills invest Rs 700 cr in Island Star Mall Developers

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