RMZ To Release Office Portfolio By the Beginning Of Next Year
Bengaluru: RMZ Corp has chalked out plans to extend its office portfolio as a part of its expansion program across the country. From 20 million sq ft, the firm has decided to increase its portfolio to 30 million sq ft very soon.
Thirumal Govindraj, managing director-management at RMZ Corp said, "We are in the process of refurbishing the assets. The idea is to bring developed assets under the portfolio and then do REIT listing and have a strong portfolio of 40 million sq ft over the next five years."
RMZ is associating itself with Pension Plan Investment Board (CPPIB) and existing shareholder Qatar Investment Authority (QIA) to raise as much as $1 billion for this expansion. However, Qatar Investment Authority, which is Qatar’s sovereign wealth fund has already invested up to $ 600 million to buy assets in India. Now, it is looking to invest on a larger scale.
"The equity requirement over the next five years is $1 billion to fuel our growth," Govindraj said. RMZ plans to acquire assets across Bengaluru, Mumbai, Chennai, Hyderabad and other key markets.
Menda family owns half the RMZ Infotech (RIPL) and the other half is equally shared between Qatar and Baring Private Equity Partners India.
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