Companies

RMZ Corp inks 50:50 JV of up to $1 billion with Mitsui Fudosan of Japan

Anil Urs Bengaluru | Updated on January 30, 2020 Published on January 30, 2020

RMZ Corp, Bengaluru-based privately-owned real estate company, has entered into a strategic, equal partnership with Mitsui Fudosan (Asia) Pte Ltd, a subsidiary of Mitsui Fudosan Co Ltd, a global real estate developer headquartered in Tokyo.

This 50:50 joint venture of up to $1 billion, has been forged to augment RMZ Corps’ Future of Space landscape, in India.

The association will be Mitsui Fudosan’s maiden investment in India. The first development undertaken with this joint venture is a 3.5 million square feet development named RMZ Ecoworld 30, located on the Outer Ring Road.

As a benchmark for future-ready work spaces, RMZ Ecoworld 30 will integrate a 360-degree view of design, keeping human experience as the central focus, while incorporating exponential technologies, sustainable development, member experience and engaged communities.

This partnership also marks a joint intent to expand into other major Indian cities such as Mumbai, Delhi NCR, and Bangalore. Moving rapidly ahead with the development, the first phase of RMZ Ecoworld 30 has already commenced and will be operational in 2022.

Arshdeep Sethi, Managing Director - Executive Board, said, “Our association with Mitsui Fudosan is a testament to the synergies in our approaches that create an ecosystem with bespoke solutions that harness long-term, stable incomes and value-creation of our assets. We are confident that this partnership will actualise our joint visions of creating connected, immersive and dynamic environments over the next few years. This venture is in line with our ‘Hyper Growth-Vision 2025’, where RMZ Corp is rapidly scaling towards achieving its aggressive expansion plan, to develop 85 million square feet of assets under management.”

Manoj Menda, Corporate Chairman, RMZ Corp, said, “RMZ Corp continues to expand its distribution channels and national footprint. With ‘future-ready’ capabilities we are creating dynamic ecosystems that cater to a tech-fuelled urban lifestyle. Looking ahead, RMZ Corp is pegged to scale across market environs and will continue to accelerate with an unyielding effort in making this a remarkable journey along with our partner Mitsui Fudosan”.

Akihiko Funaoka, Executive Managing Officer, Mitsui Fudosan Co, Ltd, said, “Mitsui Fudosan is excited to embark on this promising partnership with RMZ Corp. We hope to add value to this venture with our Japanese expertise and look forward to growing this association with RMZ Corp. We are pleased to be able to partner with RMZ Corp, a visionary developer with extensive experience, for this integrated development, especially in a city like Bangalore which we consider to be the digital capital of the world. This partnership is in line with Mitsui Fudosan Group’s strategy to achieve exponential growth of our global business.”

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Published on January 30, 2020
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