RMZ Corp will take over the 1.25 million square feet Equinox Business Park located in Mumbai’s prime CBD at Bandra Kurla Complex.

The park until now was operated by Equinox Realty, the realty arm of Essar. The park is being renamed as RMZ Equinox Business Park.

“We are to enhance the RMZ portfolio in Mumbai with the acquisition of this accretive asset that consolidates our position as a key operator of office parks in India. The location and specification of these properties will further strengthen RMZ’s market position in Mumbai and enhance its operational efficiency,” Manoj Menda, Corporate Chairman, RMZ Corp.

RMZ has 20 million square feet of core assets, which is valued at $4 billion, under management. It is rapidly marching towards achieving a five-year growth plan of 80 million square feet, which will be anchored by Qatar Investment Authority.

Arshdeep Sethi, Managing Director, Investment, RMZ Corp said “The acquisition of this investment provides additional accretive opportunities and further diversification of RMZ’s growing portfolio in the Mumbai market, demonstrating the fundamentals of acquiring quality assets in strategic locations.”

Commenting on the transaction, Sudip Rungta, Executive Director (M&A) of Essar, said “Equinox Business Park is a true reflection of Essar’s track record of developing world-class assets. We are delighted that this transaction has given us an opportunity to strengthen our ties with a like-minded partner such as RMZ that has been a pioneer in commercial real estate development.”

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