On March 1, 2022, RMZ Corp, a major private real estate entity in India, and Canada Pension Plan Investment Board (CPP Investments) announced their second joint venture for developing and holding commercial office spaces in key Indian cities. CPP Investments committed to invest up to INR 26.5 billion (C$ 449 million) in this venture, aimed at supporting the development and acquisition of projects across India.

Manoj Menda, RMZ Corp's Corporate Chairman, expressed delight in expanding their collaboration with CPP Investments. He highlighted the joint venture's role in enhancing RMZ's strategic financial co-investments and capital allocation in core and development assets. The partnership, contributing to assets exceeding US$2.5 billion in value across cities, aligns with RMZ's 2032 growth strategy.

The venture's initial focus is StarTech, a 1.37 million-square-foot Grade A office building in Bangalore, co-owned by RMZ and Prestige Estates. CPP Investments will acquire Prestige's entire stake, building on the first joint venture from 2021, which managed 10 million square feet of commercial spaces in Hyderabad and Chennai.

Arshdeep Sethi, Senior Managing Director at RMZ, emphasized expanding the Group's asset base and development pipelines in various cities. Hari Krishna V, Managing Director of Real Estate at CPP Investments in India, noted the high demand for premium commercial spaces in major cities like Bangalore. He reiterated CPP Investments' commitment to sustainable building practices and delivering solid long-term returns.

StarTech, spread over 8 acres, is a fully occupied LEED Platinum-rated green building, symbolizing the venture's focus on sustainable premium commercial spaces.