RMZ Corp, a privately-owned owner and operator of realty assets, has completed the sale of 12.8 million square feet of 67 million square feet (about 18 per cent) of its real estate assets to a fund managed by Brookfield Asset Management for $2 billion.
“The deal between RMZ Corp and Brookfield marks our most important milestones for the year— conversion to a ‘debt-free’ firm. At RMZ, we look forward to enhancing our hyper- growth strategy,” said Manoj Menda, Corporate Chairman, RMZ Corp.
The transacted portfolio has assets in Bengaluru, Chennai, Pune and the group’s co-working operator CoWrks. A part of RMZ’s largest real asset, RMZ Ecoworld is at the core of the transaction. It is a 14 million square feet office development, located in Outer Ring Road, Bengaluru of which 6.7 million square feet is acquired by Brookfield. With the development of 18 million square feet in the area.
RMZ channelised the investment to clear all their debts and fuel their hyper-growth strategy. Menda has previously attracted FDI into RMZ with institutional investors and created profitable exits for them.
In 2013, Qatar Investment Authority (QIA) invested $300 million in RMZ. In 2018, they exited at $1.2 billion, creating them rich value and returns over their investment tenure.
RMZ is 100 percent owned by the Menda family. RMZ’s hyper-growth strategy rests on forging long-term relationships with institutional investors.
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