RMZ Corp is one of the largest real estate developers in India with over 24 million square feet of prime real estate developments built since its inception in 2002. RMZ’s expertise in development of Commercial Office spaces has propelled us to expand our horizon and embark on developing state of the art Residential, Retail and Hospitality spaces.

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Gurgaon, February 25, 2016.

RMZ buys Gurgaon IT park for $150 million @rmz_corp @TOI India News

RMZ Corp, backed by Qatar Investment Authority (QIA), has bought 8 lakh square feet of IT Park space in Gurgaon from property firm BPTP for about $150 million, or nearly Rs 950 crore, according to sources familiar with the matter.

The deal, which is a mix of debt and equity , marks the Bengaluru-based company's maiden foray into NCR. It is the latest in a series of large office space buyouts by marquee global investors who want to create a portfolio of rent-yielding commercial assets in India. And the deal action is shifting to NCR, which boasts of a large technology workforce, after Bengaluru and Pune.

RMZ bought the IT Park, named BPTP Crest, which is located in Phase IV of Gurgaon opposite to DLF Cyber City and also close to the international airport. The tenants include global tax and audit company Deloitte and US-based financial services firm Fidelity .

TOI first reported the deal in September last year. BPTP was not immediately available to comment on the matter When contacted, Manoj Menda, corporate vice-chairman, RMZ Corp, said, “Stepping up to building a powerful global brand and revolutionizing the office space experience makes RMZ the preferred choice of sovereign investors like QIA. Our portfolio is part of the Invesco and Devco opportunistic strategy , focused on growth of businesses enabling the company to accelerate its expansion plans both in NCR and the West, where we believe there is significant potential.“

The deal comes on the heels of RMZ's plans to buy Essar's business park, Equinox, in Mumbai for about $360 million.

Article Courtesy: The Times of India

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