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RMZ, Mitsui enter $1 billion real estate joint venture
The Times of India  |  January 31, 2020

Avik Das Bengaluru

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, Goldman Sachs, 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.


TOI reported in November that RMZ was in discussions with Mitsui and Canadian Pension Plan Investment Board (CPPIB) to get them as investors on board. Mitsuiowns properties across Asia, North America and Europe such as 527 Madison Avenue in New York City and1Angel Court in London.


“Ecoworld 30 marks our first collaboration with RMZ, as we look forward to enhancing our portfolio in India. Mitsui Fudosan, along with RMZ Corp is looking to redefine commercial assets that are bolstered with technology,” Tetsuya Matsufuji, MD, Mitsui Fudosan (Asia) said.