RMZ, CPPIB Invest USD 750 mn in Mumbai Commercial Project

New Delhi, Dec 12 (PTI) Bengaluru-based realty firm RMZ Group and Canada Pension Plan Investment Board (CPPIB) will invest USD 750 million to develop a commercial project in Mumbai to expand their business amid strong office demand.

RMZ Group, which develops and owns alternative assets, announced its strategic entry into the Mumbai market with 'RMZ Nexus' project situated at Jogeshwari-Vikhroli Link Road, linking the western and eastern express highway.

"Spanning across 3.74 million square feet, the building is spread across six towers on a 10.94-acre site. The project will be developed in partnership with Canada Pension Plan Investment Board at an investment of USD 750 million and is set to be completed by 2027," the company said in a statement.

Thirumal Govindraj, CEO of RMZ Office & RMZ NXT, said, "This landmark development transcends mere office space; it embodies a paradigm shift in how we envision the workplace. We are crafting a vibrant ecosystem fostering innovation, collaboration, and well-being, empowering businesses to thrive in the 21st century."

He said the company is poised to further expand portfolio across Mumbai and other strategic markets.

RMZ's real estate investments encompass a wide range of sectors, including commercial real estate, industrial and logistics, business and leisure hotels, and luxury residential and retail.