Bengaluru based RMZ Corp, one of the leading commercial real estate developers in India, is discussing with pension and sovereign funds to raise $500 million for its expansion plans. Arshdeep Sethi, MD of RMZ Corp says that they will use the money to double their portfolio and buy office assets across major markets in India.
RMZ plans to increase the office space owned by it in the country from the present 20 million sft to 80 million sft by 2020. QIA had invested $300 million or Rs 1,800 crore in RMZ in 2013. “We have deployed majority of the capital in buying assets across Mumbai and NCR. The company generates around $200 million of annual net operating income from commercial assets alone. This is expected to grow 3035% this year,” said Sethi.
RMZ recently bought 1.25 million sq ft Equinox Business Park in Mumbai’s BKC for about Rs 2,400 crore from Essar Group. The company has also acquired an 800,000 sft IT park in Gurgaon for about Rs 850 crore from BPTP. It is also in the process of acquiring a partly constructed, 34acre IT park in Porur, from Chatterjee Group.
Read more: Economic Times