Realty firm RMZ Corporation and Canada Pension Plan Investment Board (CPPIB) have sold an office complex in Chennai to Singapore-based Keppel Ltd for $264 million. In a statement, RMZ and CPP Investments said they have "completed the sale of One Paramount 1 to Keppel Ltd for $264 million." The project 'One Paramount 1' is part of One Paramount, a Grade A prime office asset located in Chennai developed by the joint venture between RMZ and CPP Investments.
Located in Porur, One Paramount 1 is spread across 12.6-acre of land with 2.4 million square feet of leasable space.
The asset comprises three office towers. It features a diverse tenant mix including global industry leaders like DOW Chemicals, Nielsen IQ, UPS, Maersk, Bechtel, Genpact, Hitachi Energy and VMware among others. Arshdeep Sethi, President, RMZ Real Estate said, "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.
" This transaction not only reflects strong investor confidence in India's commercial 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," Sethi said. As part of their partnership, RMZ and CPP Investments will continue to hold stakes in additional around 12.
5 million square feet of core and under-development commercia.