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CPP Investments, RMZ Corp form second office JV
The Canada Pension Plan Investment Board (CPP Investments) and Bengaluru, India–based RMZ Corp have formed a second joint venture to develop and own commercial office space in India.
The total aggregate capital commitment by CPP Investments into the joint venture will be up to INR 26.5 billion (US$344 million) to support the development and acquisition of projects across India.
“This joint venture will provide RMZ additional opportunities to forge new strategic financial co-investments and remain ahead of the curve whilst also significantly increasing capital allocation to the core and development asset portfolios,” said Manoj Menda, corporate chairman, RMZ Corp. “The two joint ventures together have been established to develop assets worth in excess of US$2.5 billion across cities.”
The new joint venture will be seeded with StarTech, a 1.37 million-square-foot (127,277-square-metre) grade A office building located in Koramangala, Bangalore, which is c