RMZ Corp and Japan’s Mitsui Fudosan have entered into a joint venture of up to $1 billion to set up commercial office spaces in Bengaluru, Mumbai and Delhi. This is the Japanese company’s maiden investment in the Indian real estate market. The companies will start by developing a 3.5 million sqft office space in Bengaluru’s Outer Ring Road, one of the most coveted micro markets in India and one which is dotted with multinationals, including JP Morgan, ANZ Bank, Cisco, Intel and Accenture.
RMZ plans to have AUM of 85 million sqft
“This venture is in line with our ‘Hyper Growth – Vision 2025’, ” Arshdeep Sethi, MD of RMZ Corp said. RMZ plans to have 85 million sqft of assets under management (AUM). It currently has 15 million sqft of projects under development across major cities in the country and16 million sqft of completed projects generating rental income of Rs 1,200 crore annually. The joint venture is expected to add 15 million sqft to the portfolio.