RMZ Corporation and Canada Pension Plan Investment Board have completed the sale of One Paramount 1 to Singapore-based Keppel Ltd for $264 million, the developer said in a statement.
One Paramount 1 is part of One Paramount, a grade A prime office asset in Chennai developed through a joint venture between RMZ and CPP Investments. Situated in Porur, One Paramount 1 is spread across 12.6 acres with 2.4 million square feet of leasable space. The asset comprises three modern office towers, complemented by retail and other amenities. It features a tenant mix that includes DOW Chemicals, Nielsen IQ, UPS, Maersk, Bechtel, Genpact, Hitachi Energy and VMware, among others.
businessline had reported details of the sale in June.
“The divestment of One Paramount 1 reflects our commitment to efficient capital management, allowing us to reallocate resources into newer, high-growth opportunities within our portfolio,” said Arshdeep Sethi, President RMZ Real Estate.
“This transaction not only reflects strong investor confidence in India’s commercial real estate sector but also emphasises RMZ’s commitment to unlock immense stakeholder value. Keppel’s acquisition of One Paramount 1 reinforces investor appetite for grade A office assets in the top office markets of India,” he added.
RMZ and CPP Investments will continue to hold stakes in an additional 12.5 million square feet of core and under-development commercial assets across five Indian cities. The joint venture oversaw the development of RMZ One Paramount in Chennai and prime office assets like RMZ Nexity and RMZ Spire in Hyderabad.
“India is one of the fastest growing economies in the world and an important market for us in Asia. We have been able to capture the country’s growth opportunities in the real estate sector through our partnership with RMZ. The sale of One Paramount 1 represents an opportunity to monetise a quality asset to deliver returns to the CPP Fund,” saidHari Krishna, Managing Director and Head of Real Estate India, CPP Investments.
In the first half of 2024, FPIs have accounted for $3.1 billion, or 65 per cent, of the $4.8 billion real estate investments in India.
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Published on August 6, 2024
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