RMZ and CPP Investments Complete Di vestment of One Paramount 1 for US$2 64 Million.
One Paramount 1, Chennai is a Grade A prime office asset, comprising 2.4 millio n square feet (msf) of leasable space.
Chennai, August 6, 2024 – RMZ Corpor ation, one of India’s largest famil-run alt ernative asset owners, and Canada Pen sion Plan Investment Board (CP Investm ents) announced that they have comple ted the sale of One Paramou nt 1 to Sin gapore-based Keppel Ltd., fo r US$264 million
One Paramount 1 is part of One Param ount, a Grade A prime office asset loca ted in Chennai developed by the realest ate joint venture between RMZ and CP P Investments. Strategically situate d in Porur, One Paramount 1 is spread acro ss 12.6 acres of land with 2.4 million squ are feet of leasable space. The asset co mprises three modern office toweers, b oasting of spacious floor plates, comple mented by support retail and a menities. It features a diverse tenant mix includin g global industry leaders like DOW Che micals, Nielsen IQ, UPS, Maersk, Bechte l, Genpact, Hitachi Ene rgy and VMware among others.
Commenting on the development, Arsh deep Sethi, President RMZ Real Estate said, “The divestment of One Paramoun lt 1 reflects our commitment to efficien t capital management, allowing us to rea llocate resources into newer, high-grow th opportunities within our po rtfolio. T his transaction not only refle cts strong investor confidence in Indi a’s commerc ial real estate sector but also emphasis s RMZ’s commitment to unlock immense stakeholder value. Ke ppel’s acquisition of One Paramount 1 reinforces investor appetite for Grade A office assets in the top office markets of India.”
As part of their partnership, RMZ and CPP Investments will continue to hold stakes in additional ~12.5 million squa re feet of core and under development commercial assets spread across five In dian cities.
The joint venture witnes sed the devel opment of RMZ One Para mount in Che nnai and prime office ass ets like RMZ Nexity and RMZ Spire in Hyderabad.
Hari Krishna, Managing Director and He ad of Real Estate India, CPP Invest ment s said, “India is one of the fastest growin ng economies in the world and a n impor tant market for us in Asia. We have been able to capture the country ’s growth op portunities in the real est ate sector thr ough our partnership wi th RMZ. The sa le of One Paramount 1 represents an op portunity to monetize a quality asset to deliver returns to the CPP Fund.”
The substantial inflows of foreign capit al into India’s real estate market under lines the nation’s economic rise. This tr end is reflected in the performance of t the first half of 2024, wherein Foreign Institutional Investors (FIIs) contribute ed a substantial US$3.1 billion, acco unti ng for 65% of the total US$4.8 billiion in vested in the sector.
About RMZ Corporation
RMZ is one of India’s largest family-ow ned alternative asset owners, with a co re focus on real estate and infrastructu re. As custodians of smart capital, th ey own and build businesses that set the foundations of a sustainable econo my. Their multi-industry scale enables inve stment in dynamic sectors, geographie s, and strategies positioned for long-ter m growth. Headquartered in Ind ia, RMZ specializes in real assets, enco mpassing premium office spaces, indu strial & logi stics, hospitality, luxury li ving, mixed-use developments and infrastructure.
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