CPP Investments second joint venture to develop office space in India

On March 1, 2022, RMZ Corp. (“RMZ”) and Canada Pension Plan Investment Board (“CPP Investments”) announced that they entered into agreements for their second joint venture to develop and hold commercial office space in key cities across India.

Following their first joint venture formed in 2021 to develop and manage approximately 10 million square feet of Grade A commercial office spaces across Hyderabad and Chennai, as part of this joint venture  CPP Investments would invest INR 26, 500,000,000 (C$449 million) to support the development and acquisition of identified projects.

The joint venture was seeded with Prestige RMZ Star Tech (“StarTech”). Spread across 8 acres, StarTech is a 1.37 million-square-foot LEED Platinum-rated green building and a premium commercial campus with 100% occupancy located in Koramangala, Bangalore. Previously co-owned by RMZ and Prestige Estates Projects Limited ("Prestige"), CPP Investments acquired Prestige's entire 51% stake in StarTech in a related transaction.

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, 2021, the Fund totalled C$550.4 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.