Equinox Business Park to be Renamed RMZ Equinox Business ParkRMZ Corp (5:20PM)
Business Wire India
RMZ Corp is going to take over the 1.25 million sq ft (mnsft) Equinox Business Park that is located in Mumbai's prime CBD at Bandra Kurla Complex and was until now operated by Equinox Realty, the realty arm of Essar. The park is being renamed as RMZ Equinox Business Park.
"We are pleased to enhance the RMZ portfolio in Mumbai with the acquisition of this accretive asset that consolidates our position as a leading operator of office parks in India. The location and specification of these properties will further strengthen RMZ's market position in Mumbai and enhance its operational efficiency. Our objective is to add value to the assets through development and refurbishment, and to invest in economically strong locations that offer an opportunity for value appreciation," said Mr. Manoj Menda, Corporate Chairman, RMZ Corp.
RMZ has 20 mnsft of core assets, which is valued at $4 billion, under management. It is rapidly marching towards achieving a five-year growth plan of 80 mnsft, which will be anchored by Qatar Investment Authority.
According to Mr. Arshdeep Sethi, Managing Director, Investment, RMZ Corp: "The acquisition of this investment provides additional accretive opportunities and further diversification of RMZ's growing portfolio in the Mumbai market, demonstrating the fundamentals of acquiring quality assets in strategic locations."
Commenting on the transaction, Mr. Sudip Rungta, Executive Director (M&A) of Essar, said: "Equinox Business Park is a true reflection of Essar's track record of developing world-class assets. We are delighted that this transaction has given us an opportunity to strengthen our ties with a like-minded partner such as RMZ that has been a pioneer in commercial real estate development."
About RMZ Corp
RMZ Corp is one of the most successful South Asian real estate development firms, with an unmatched portfolio in India. The organization has developed and acquired over 20 million square feet of properties. Its prestigious and prolific portfolio includes over $ 3 billion in real estate assets.
Headquartered in Bangalore, RMZ Corp has continued to grow through new markets, partnerships and capabilities as well as through its development of high-profile office, mixed-use and luxury residential projects. Establishing partnerships with marquee investors, including the Qatar Investment Authority, has helped fuel RMZ's significant growth potential. RMZ Corp is one of the largest real estate developers in India with over 20 million square feet of prime real estate developments built since its inception in 2002 and an aggressive expansion plan of 80 million square feet of assets under ownership by 2020.
Providing leadership in thought and action was always textured into the group's value system. RMZ Foundation was established to promote the well-being of humanity throughout the country. To achieve these goals, the Foundation works at the intersection of four focus areas—advance education, revalue ecosystems, secure livelihoods and transform urban development.
Essar Global Fund Limited is an investment fund managed by its investment manager, Essar Capital Limited. The Fund is a global investor, controlling a number of world-class assets diversified across the core sectors of Energy, Metals & Mining, Infrastructure (comprising ports and EPC businesses) and Services (primarily comprising shipping and BPO businesses).
Bengaluru, Karnataka, India