CPPIB to infuse Rs 26.5 bn in JV with RMZ to develop office spaces

31 Mar 2022 CW Team

RMZ Corporation told the media that it had entered into their second joint venture (JV) with Canada Pension Plan Investment Board (CPPIB) to develop and hold commercial office space in key cities across India.The total aggregate capital commitment by CPPIB into the JV will be around Rs 26.5 billion to support the development and acquisition of projects across India.

The JV will be seeded with StarTech, a 1.37 million sq ft Grade A office building in Koramangala, Bengaluru, co-owned by RMZ and Prestige Estates. CPPIB will acquire the entire stake of Prestige in StarTech.

Corporate Chairman of RMZ Corporation, Manoj Menda, said that this JV would provide RMZ with several opportunities to forge new strategic financial co-investments and significantly increase capital allocation to the core and development asset portfolios.

He added that two JVs together had been established to develop assets worth over $2.5 billion across cities.

It is the second JV between RMZ and CPPIB, following their first JV in 2021 to develop and manage around 10 million sq ft of Grade-A commercial office spaces across Hyderabad and Chennai.

StarTech is a Leadership in Energy and Environmental Design (LEED) Platinum-rated green building spread across eight acres and has 100% occupancy.

Also read: CPPIB and Phoenix Mills invest Rs 700 cr in Island Star Mall Developers

Products

19 May 2025

unWOOD transforms plastic waste into durable wood alternative

unWOOD, a breakthrough innovation, is converting hard-to-recycle plastic waste into a durable alternative to natural wood. Developed through a proprietary process called Intelligent Compounding, unWOOD uses a Macro Molecular Fiber Matrix (MMFM) structure to replicate the strength, look, and feel of hardwood鈥攚ithout the environmental cost.Conceptualised by Dr Babu Padmanabhan, the material addresses key flaws in traditional plastic recycling by consuming minimal energy, using zero water, and generating no microplastics. 鈥淎ny application that introduces plastics into areas where it cannot be..

Real Estate

19 May 2025

H盲fele launches Matrix undermount runners range

H盲fele has introduced its new Matrix range of undermount runners, designed to enhance drawer motion across kitchens, wardrobes, bathroom units, and more.Available in four weight capacities and a wide range of lengths, the Matrix undermount runners support diverse drawer designs. The 40 kg and 60 kg variants feature synchronised technology for superior motion and drawer stability. All runners come with an integrated soft-close mechanism to ensure smooth and noiseless operation.This in-house range is ideal for kitchen cabinets, bed storage units, living room furniture and bathroom drawers, offe..

Real Estate

19 May 2025

India's first AI-integrated campus announced in Noida

Yashoda Hospital and Bhutani Infra have announced plans to develop India鈥檚 first fully AI-integrated mixed-use campus in Greater Noida West. The upcoming project will feature a hospital, retail spaces, offices, SOHOs, serviced apartments, and a hotel鈥攁ll operating within a self-learning, generative AI-powered ecosystem.The AI-first campus will integrate real-time data systems, predictive analytics, and adaptive infrastructure to offer personalised experiences across functions. From AI-enabled footfall tracking and dynamic energy optimisation to smart F&B and retail insights, the develo..