CPPIB to invest Rs 2,650 cr in joint venture with RMZ Corp

09 Mar 2022 CW Team

The Canada Pension Plan Investment Board (CPPIB) to invest approximately Rs 2,650 crore into a joint venture (JV) with a realty firm RMZ Corp based in Bengaluru for the development and acquisition of commercial projects in India.

RMZ told the media that in the joint venture (JV) the total aggregate capital commitment of CPP investments will be Rs 26.5 billion or $449 million to develop and acquire projects in India.

It further said that the joint venture formed for construction and management of commercial office space in major cities of India will be seeded with StarTech, which is an office building of 1.37 million sq ft located in Koramangala (Bangalore), currently owned by RMZ and Prestige Estates. CPP Investments to acquire the entire stake of Prestige in StarTech.

This is the second JV between RMZ and CPPIB. The first one was formed in April 2021 for the development of around 10.4 million sq ft of commercial office space in the cities of Hyderabad and Chennai, where the CPPIB shall put in $210 million or Rs 1,573 crore.

RMZ Corp Corporate Chairman Manoj Menda said that the JV will provide RMZ more opportunities for the new strategic financial co-investments along with remaining ahead of the curve and significantly increasing capital allocation to the core and development asset portfolios.

The two joint ventures are established to develop assets of over $2.5 billion in various cities.

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