RMZ and Japan’s Mitsui Fudosan enters into a joint venture of $1 billion
The companies would develop a 3.5 million sqft office space in Bengaluru. This is the Japanese company’s first investment in the South Asian nation.
Japanese company Mitsui Fudosan has recently entered into a joint venture of $1 billion with RMZ Corp to set up commercial offices spaces in Mumbai, Bengaluru and Delhi. This is the Japanese Company’s maiden investment in the Indian real estate market.
The companies would first invest in the Silicon city of
India, Bengaluru by developing a 3.5 million sqft office space in its Outer
Ring Road, which is dotted with multinationals, including ANZ Bank, Intel, JP
Morgan, among others.
This joint venture coincides with our “Hyper Growth- Vision 2025”, Arshdeep Sethi, MD of RMZ Corp said. At present RMZ has about 15 million sqft of projects under development across major cities in the country. The joint venture is expected to add 15 mn sqft as RMZ looks to have 85 million sqft of assets under management (AUM).
As per a report on Times of India, RMZ was already in discussions with Mitsui and Canadian Pension Plan Investment Board (CPPIB) to get them as investors. Mitsui already owns properties across Asia, North America and Europe.
Mitsui Fudosan along with RMZ Corp is working towards redefining commercial assets and this collaboration might help us enhance our portfolio in India, said Tetsuya Matsufuji, MD, Mitsui Fudosan (Asia).