IBEF: January 31, 2020
RMZ Corp, a Bengaluru-based privately-owned real estate company, has entered a strategic, equal partnership with Mitsui Fudosan (Asia) Pte Ltd, a subsidiary of Mitsui Fudosan Co Ltd, a global real estate developer headquartered in Tokyo.
This 50:50 joint venture of up to US$ 1 billion, has been established to enhance RMZ Corps' Future of Space landscape, in India.
This will be first investment of Mitsui Fudosan in India. The initial development undertaken with this joint venture is a 3.5 million square feet development named RMZ Ecoworld 30, located on the Outer Ring Road.
RMZ Ecoworld 30 will integrate a 360-degree view of design, keeping human experience as the major focus area. This will be achieved by incorporating exponential technologies, sustainable development, member experience and engaged communities keeping in mind to benchmark the future-ready workspaces.
This partnership also showcases the joint intent of both the companies towards expanding the footprints into other major Indian cities like Mumbai, Delhi-NCR, and Bengaluru. As a part of rapid development to move ahead, the first phase of RMZ Ecoworld 30 has already been commenced and is expected to be operational by 2022.
Mr Arshdeep Sethi, Managing Director - Executive Board, said, "Our association with Mitsui Fudosan is a testament to the synergies in our approaches that create an ecosystem with bespoke solutions that harness long-term, stable incomes and value-creation of our assets. We are confident that this partnership will actualise our joint visions of creating connected, immersive and dynamic environments over the next few years. This venture is in line with our 'Hyper Growth-Vision 2025', where RMZ Corp is rapidly scaling towards achieving its aggressive expansion plan, to develop 85 million square feet of assets under management."
Mr Manoj Menda, Corporate Chairman, RMZ Corp, said, "RMZ Corp continues to expand its distribution channels and national footprint. With 'future-ready' capabilities we are creating dynamic ecosystems that cater to a tech-fuelled urban lifestyle. Looking ahead, RMZ Corp is pegged to scale across market environs and will continue to accelerate with an unyielding effort in making this a remarkable journey along with our partner Mitsui Fudosan".
Mr Akihiko Funaoka, Executive Managing Officer, Mitsui Fudosan Co, Ltd, said, "Mitsui Fudosan is excited to embark on this promising partnership with RMZ Corp. We hope to add value to this venture with our Japanese expertise and look forward to growing this association with RMZ Corp. We are pleased to be able to partner with RMZ Corp, a visionary developer with extensive experience, for this integrated development, especially in a city like Bengaluru which we consider to be the digital capital of the world. This partnership is in line with Mitsui Fudosan Group’s strategy to achieve exponential growth of our global business."
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.