NEW DELHI: India’s largest privately-owned real estate investment, development and management firm, RMZ Corp today announced the sale of 12.5M SF of 67M SF (circa 18%) of their Real Estate assets to a fund managed by Brookfield Asset Management, for US$2 billion.
The deal marks the largest-ever deal in the Indian Real Estate industry. The US$2 billion deal will fuel RMZ’s hyper-growth strategy of aiming to grow their real asset portfolio to 85M SF from the current 67M SF, over the next six years. The deal also includes divestment of the group’s co-working business, CoWrks.
“RMZ has decided to divest a part of our Core Portfolio across Bangalore and Chennai to raise US$2 billion of fresh capital. Upon divestment, RMZ is now amongst the only zero debt real estate companies, globally. With this deal, we have ample headroom to achieve our next phase of growth that RMZ 2.0 has defined for us. Our Massive Transformative Purpose is to disrupt the way people view work, defining the future of space.,” Manoj Menda, Corporate Chairman, RMZ Corp.
The transacted 12.5M SF totals select assets spread across Bangalore and Chennai. A significant part of RMZ Ecoworld, a 14M SF development, is at the core of this transaction. RMZ Ecoworld was awarded the 2020 ULI Asia Pacific award for Excellence making it the Asia Pacific’s best real estate asset.
“This real estate transaction is momentous for the commercial real estate industry, in light of its large scale at the right juncture. Also, it further accentuates the unabating strength and resilience of the commercial office business.” Says Arshdeep Singh Sethi, Managing Director RMZ Corp.
RMZ has the highest valued real estate portfolio in the country. Their portfolio, developed and under development, has assets worth US$10 billion under their ownership and management. RMZ Corp is 100% owned by the Menda brothers, Raj and Manoj Menda. Eighteen years and growing rapidly, they have over 200+ Enterprise Customers in six Indian cities and 67M SF of Real Assets that are owned and developed by them.
With a hyper-growth strategy and the use of exponential technologies, they plan to build a quantified community across 800+ enterprise customers across 85M SF of Real Assets. They craft beautiful and productive environments for leaders of industry that place them, and the members they serve, at the forefront of office life in the 21st century. Their grand challenge is to be the ‘Future of Space’.
| Key Facts | |
| Deal Size: | US$2 billion |
| Assets Divested: | 12.5M SF of 67M SF (circa 18%) |
| RMZ Portfolio Value: | US$10 billion |
| RMZ Hyper-growth Strategy: | 85M SF |
Recently, RMZ Corp became the first company globally to achieve the ‘WELL HEALTH-SAFETY RATING’ for supporting the health and safety of people in the fight against COVID-19. Their assets are geared to welcome their members back into the office immediately.