The Bengaluru based firm, RMZ Corp that is considered one of the leading owners, developers, operators and fund managers of first-class commercial real estate in India, is planning to list its office portfolio next year with the objective of expansion of its commercial portfolio across the country. The firm is aiming to take the total portfolio to 30 mln sqft by next year from 20 million now.
“We are in the process of refurbishing our assets. The idea is to bring developed assets under the portfolio and then do REIT listing... have a strong portfolio of 40 mln sqft over the next five years,” said Thirumal Govindraj, managing director-management at RMZ Corp.
RMZ is in talks with Canadian Pension Plan Investment Board (CPPIB) and existing shareholder Qatar Investment Authority (QIA) to raise about $1 billion needed to expand its asset portfolio through acquisitions. Qatar Investment Authority, which is Qatar's sovereign wealth fund, has already invested $600 million along with RMZ to buy assets in India. It is expected to double it's investment in the special purpose vehicle that acquires commercial assets.
“The equity requirement over the next five years is $1 billion to fuel our growth,” added Govindraj. RMZ plans to acquire assets across Bengaluru, Mumbai, Chennai, Hyderabad and other key markets.
RMZ Infotech (RIPL), the operator of business parks, is half owned by the promoter Menda family while the other half is held equally by Qatar and Baring Private Equity Partners India.