Indian developer RMZ sells real estate assets worth $2 billion to Canada’s Brookfield
RMZ will have zero debt after the deal that involves its rent-yielding offices and co-working spaces.Updated: Oct 20, 2020, 07:53 IST
The deal, which was reported earlier by Bloomberg and The Hindu newspaper, includes divestment of RMZ’s co-working business CoWrks, a Brookfield spokeswoman confirmed in an email.
RMZ will have zero debt after the deal that involves its rent-yielding offices and co-working spaces. It will use the money to expand its portfolio.
“The deal marks the largest-ever deal in the Indian real estate industry,” RMZ said in a statement.
The company will divest a part of its core portfolio across Bangalore and Chennai, it said.
The commercial real estate asset portfolio of RMZ is valued at about $10 billion, according to The Hindu newspaper of India.
The deal involved a sale of 18% of RMZ’s commercial assets portfolio.The development comes as large foreign investors are buying into the Indian office market in recent years. Bengaluru-based developer Prestige Group signed an agreement last week with Blackstone Group Inc <BX.N> to sell rental income assets for about $1.6 billion.