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CPPIB to invest Rs.2,650-Cr in second office JV with RMZ Corp

Business Standard  

Bangalore-based realtor RMZ Corp and the Canada Pension Plan Investment Board (CPPIB) have entered into their second joint venture to develop and hold commercial office space in key cities across India. CPPIB will invest INR 2,650 crore in the JV. The JV will kick off with the “StarTech” project, a 1.37 million square feet Grade A office building located in Koramangala, Bangalore, which is currently co-owned by RMZ and Prestige Estates,. CPPIB will acquire Prestige's entire stake in StarTech. Spread across 8 acres, StarTech is a LEED Platinum-rated green building and is a premium commercial campus with 100% occupancy. RMZ and CPPIB formed their first JV in 2021 to develop and manage approximately 10 million square feet of Grade A commercial office spaces across Hyderabad and Chennai.