RMZ sells Chennai workplace asset Paramount 1 to Keppel for $264 mn

RMZ Company and Canada Pension Plan Funding Board have accomplished the sale of One Paramount 1 to Singapore-based Keppel Ltd for $264 million, the developer mentioned in an announcement.

One Paramount 1 is a part of One Paramount, a grade A first-rate workplace asset in Chennai developed by means of a three way partnership between RMZ and CPP Investments. Located in Porur, One Paramount 1 is unfold throughout 12.6 acres with 2.4 million sq. ft of leasable area. The asset includes three trendy workplace towers, complemented by retail and different facilities. It contains a tenant combine that features DOW Chemical substances, Nielsen IQ, UPS, Maersk, Bechtel, Genpact, Hitachi Vitality and VMware, amongst others. 

businessline had reported particulars of the sale in June.

“The divestment of One Paramount 1 displays our dedication to environment friendly capital administration, permitting us to reallocate assets into newer, high-growth alternatives inside our portfolio,” mentioned Arshdeep Sethi, President RMZ Actual Property.

“This transaction not solely displays sturdy investor confidence in India’s industrial actual property sector but additionally emphasises RMZ’s dedication to unlock immense stakeholder worth. Keppel’s acquisition of One Paramount 1 reinforces investor urge for food for grade A workplace belongings within the prime workplace markets of India,” he added.

RMZ and CPP Investments will proceed to carry stakes in an extra 12.5 million sq. ft of core and under-development industrial belongings throughout 5 Indian cities. The three way partnership oversaw the event of RMZ One Paramount in Chennai and prime workplace belongings like RMZ Nexity and RMZ Spire in Hyderabad.

“India is without doubt one of the quickest rising economies on this planet and an necessary marketplace for us in Asia. We’ve got been in a position to seize the nation’s development alternatives in the true property sector by means of our partnership with RMZ. The sale of One Paramount 1 represents a chance to monetise a top quality asset to ship returns to the CPP Fund,” mentionedHari Krishna, Managing Director and Head of Actual Property India, CPP Investments.

Within the first half of 2024, FPIs have accounted for $3.1 billion, or 65 per cent, of the $4.8 billion actual property investments in India.