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India's Largest-Ever Property Deal: RMZ Corp Sells Assets Worth $2 Billion To Brookfield

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In the biggest ever transaction in the Indian real estate, Bengaluru-based privately-owned real estate investment, management and development company RMZ Corp has sold its 12.5 mn sq ft of 67 mn sq ft of their real estate assets to a fund managed by Brookfield Asset Management for a financial consideration of Rs. 14,680 crore or $2 billion.

Largest-Ever Property Deal: RMZ Corp Sells Assets Worth $2 Billion To Brookfield
 

The deal made for 12.5 mn sq ft comprises select assets in Bengaluru and Chennai. Also, the transaction centers around a substantial portion of the RMZ Ecoworld which is a 14 mn sq ft development. RMZ Ecoworld received the 2020 ULI Asia Pacific award for Excellence according it the status of the best real estate asset in Asia Pacific.

Additionally, the deal also entails sale of the group's co-working business, CoWrks.

"RMZ has decided to divest a part of our Core Portfolio across Bangalore and Chennai to raise US$2 billion of fresh capital. Upon divestment, RMZ is now amongst the only zero debt real estate companies, globally. With this deal, we have ample headroom to achieve our next phase of growth that RMZ 2.0 has defined for us. Our Massive Transformative Purpose is to disrupt the way people view work, defining the future of space," said Manoj Menda, Corporate Chairman, RMZ Corp.

"This real estate transaction is momentous for the commercial real estate industry, in light of its large scale at the right juncture. Also, it further accentuates the unabating strength and resilience of the commercial office business," said Arshdeep Singh Sethi, Managing Director RMZ Corp.

RMZ real estate portfolio commands the highest value in the country. In all their portfolio that comprises both developed as well as under-developed assets are valued at 10 billion dollars.

Read more about: real estate
Story first published: Tuesday, October 20, 2020, 15:26 [IST]
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