RMZ and CPP Investments Complete Divestment of One Paramount 1 for US$264 Million
One Paramount 1, Chennai is a Grade A prime office asset, comprising 2.4 million square feet (msf) of leasable space
Chennai, August 6, 2024 – RMZ Corpor ation, one of India’s largest family-run alternative asset owners, and Canada Pension Plan Investment Board (CPP Investments) announced that they ha ve completed the sale of One Paramou nt 1 to Singapore-based Keppel Ltd., fo r US$264 million.
One Paramount 1 is part of One Param ount, a Grade A prime office asset loca ted in Chennai developed by the real estate joint venture between RMZ and CPP Investments. Strategically situate d in Porur, One Paramount 1 is spread across 12.6 acres of land with 2.4 millio n square feet of leasable space. The ass et comprises three modern office towe ers, boasting of spacious floor plates, c omplemented by support retail and a menities. It features a diverse tenant mix including global industry leaders like DOW Chemicals, Nielsen IQ, UPS, Maersk, Bechtel, Genpact, Hitachi Ene rgy and VMware among others.
Commenting on the development, Ars hdeep Sethi, President RMZ Real Esta te said, “The divestment of One Param ount 1 reflects our commitment to effi cient capital management, allowing us to reallocate resources into newer, hi gh-growth opportunities within our po rtfolio. This transaction not only refle cts strong investor confidence in Indi a’s commercial real estate sector but also emphasises RMZ’s commitment to unlock immense stakeholder value. Ke ppel’s acquisition of One Paramount 1 reinforces investor appetite for Grade A office assets in the top office markets of India.”
As part of their partnership, RMZ and CPP Investments will continue to hold stakes in additional ~12.5 million squa re feet of core and under development commercial assets spread across five Indian cities.
The joint venture witnes sed the devel opment of RMZ One Para mount in Che nnai and prime office ass ets like RMZ Nexity and RMZ Spire in Hyderabad.
Hari Krishna, Managing Director and Head of Real Estate India, CPP Invest ments said, “India is one of the fastest growing economies in the world and a n important market for us in Asia. We have been able to capture the country ’s growth opportunities in the real est ate sector through our partnership wi th RMZ. The sale of One Paramount 1 r epresents an opportunity to monetize a quality asset to deliver returns to the CPP Fund.”
The substantial inflows of foreign capi tal into India’s real estate market unde rlines the nation’s economic rise. This trend is reflected in the performance of the first half of 2024, wherein Forei gn Institutional Investors (FIIs) contri buted a substantial US$3.1 billion, acco unting for 65% of the total US$4.8 billi ion invested in the sector.
About RMZ Corporation
RMZ is one of India’s largest family-ow ned alternative asset owners, with a co re focus on real estate and infrastruct ure. As custodians of smart capital, th ey own and build businesses that set t he foundations of a sustainable econo my. Their multi-industry scale enables investment in dynamic sectors, geogra phies, and strategies positioned for lo ng-term growth. Headquartered in Ind ia, RMZ specializes in real assets, enco mpassing premium office spaces, indu strial & logistics, hospitality, luxury li ving, mixed-use developments and inf rastructure.
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