RMZ and CPPIB to form a $238m joint venture.

RMZ, privately- owned real estate owner, and Canada Pension Plan Investment Board, a global investment management organization, agreed to form a $238m joint venture to develop and hold commercial office space in key cities across India. The joint venture will be seeded with StarTech – a 1.37m sq foot Grade A office building located in Koramangala, Bangalore, which is currently co-owned by RMZ and Prestige Estates. CPP Investments will acquire Prestige’s entire stake in StarTech. “We are pleased to broaden our relationship with CPP Investments, an organization that shares our commitment to protecting our environment and ensuring sustainabity in building and construction processes. This second joint venture builds on our existing partnership in Hyderabad and Chennai and reiterates RMZ’s strategic objective to expand the Group’s asset base and development pipelines across other cities," Arshdeep Sethi, RMZ Senior Managing Director.