RMZ Corporation targets assets worth USD 25 billion by 2029

Bengaluru-based RMZ Corporation has announced a growth plan to focus on five key sectors, aiming for $25bn in assets over the next five years. The company has restructured its operations and appointed CEOs for each vertical. The plan includes creating a 10 million sq ft commercial office portfolio valued at $10bn, a 15 million sq ft mixed-use portfolio valued at $8bn, 62 million sq ft of industrial and logistics assets adding $3bn, and 10 hotels valued at $3bn. The plan also includes constructing five luxury residential properties valued at $600m.

Mumbai: Bengaluru-headquartered RMZ Corporation, owned by Raj and Manoj Menda, has unveiled an ambitious growth plan and announced that it will focus on five key verticals – office, luxury residential, mixed-use, industrial and logistics, and hospitality – and target generation of assets worth USD 25 billion over the next five years.

RMZ Corporation targets assets worth USD 25 billion by 2029

The company has restructured its operations and appointed CEOs for each of its verticals to steer investments and focused growth. RMZ Corporation is governed by a Supervisory Board, comprising owner-promoters the Menda brothers – Raj and Manoj, and the family’s second generation– Sidharth and Mihir. An Executive Board, comprising non-family senior leaders from diverse industry backgrounds, oversees each of the firm’s businesses.

On Wednesday evening, RMZ Corporation also announced the appointment of Arshdeep Sethi as President of RMZ Real Estate, and Chief Executive Officers for its various business verticals: Thirumal Govindraj, CEO, RMZ Office, Avnish Singh, CEO, RMZ Mixed Use, Saandip Kundu, CEO, RMZ Living; Avinash Sule, CEO, RMZ Industrial and Logistics; and RMZ Hospitality.

Sethi said the group will focus on six cities to grow these verticals including Delhi NCR, Mumbai Metropolitan Region, Chennai, Bengaluru, Hyderabad, and Pune. “With a two-decade legacy in the real estate industry and a track record of developing one of the largest commercial real estate portfolios in Asia, we are well-positioned to expand into four additional real estate asset classes: Mixed-use, Industrial & Logistics, Living, and Hospitality. Our primary objective is to create exceptional assets and high-quality portfolios on a global scale.”

He said the company will add rent-yielding real estate around USD 5 billion to its portfolio, alongside annualized sales of USD 0.6 billion in luxury residential in 2029. “One-fifth of our capital allocation strategy is dedicated to acquiring and developing premium real estate in key gateway markets worldwide, such as London and New York.”

The strategic plan to achieve the USD 25 billion target in 2029, the company’s commercial office will focus on creating a portfolio of 10 million sq ft valued at USD 10 billion, the Mixed Use vertical will target 15 million sq ft valued at USD 8 billion, the Industrial and Logistics vertical will create assets of 62 million sq ft adding USD 3 billion. The hospitality business will focus on building over 10 hotels in the six cities valued at USD 3 billion, and uber luxury residential vertical will focus on constructing five condos targetting a revenue of 0.6 billion over next five years.

The group plans to create mixed use developments in Gurugram and Mumbai as part of the plan. RMZ Corp acquired the Kamal Amrohi-owned Kamalistan film studio in Jogeshwari from DB Realty and Panchshil Realty and is constructing RMZ Nexus, an office development with eight towers, in colleboration with the Canada Pension Plan Investment Board (CPPIB). Apart from premium office spaces, the complex will also feature art galleries in the cultural court, and wellness gardens. The project is being designed by SOM, the renowned architect of the Burj Khalifa, the tallest building in the world.

Reflecting on this transformation, the Menda brothers, Raj and Manoj Menda, Chairs of the Supervisory Board of RMZ Corporation, stated, “This strategic transformation underscores the family’s unwavering commitment to growth and expansion within alternate investment classes. We are deeply focused on investing in high-growth opportunities across geographies that lay the foundations for a sustainable global economy. With the assistance of our second generation, Sidharth and Mihir, RMZ Corporation is positioned to become amongst the world’s largest family-owned alternate asset owners in the next 5 years.”