CPP Investments joint venture to develop office space in India

On April 12, 2021, RMZ Corp. (“RMZ”) and Canada Pension Plan Investment Board (“CPP Investments”) announced that they entered into a joint venture to develop and hold commercial office space in Chennai and Hyderabad. As part of the joint venture, CPP Investments invested INR 15,000,000,000 (US$210 million) allowing for the expected development of 10.4 million square feet of high-quality commercial office sites.

The three office sites that form the basis of the transaction – RMZ Nexity (Hyderabad), RMZ Spire (Hyderabad) and RMZ One Paramount (Chennai) – are Grade-A developments and will be examples of the highest-quality commercial space within the cities once completed.

Of the 10.4 million square feet included in the transaction, 7.5 million square feet is already under active development.

Further information can be found on Canada Newswire’s website.

CPP Investments is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. At December 31, 2020, the Fund totalled C$475.7 billion.

RMZ is one of the largest privately-owned real estate owners, investors, and developers in India which is committed to building socially, economically and environmentally responsible assets and communities.