Bengaluru-based property developer RMZ Corporation and Canada Pension Plan Investment Board (CPP Investments) announced on Tuesday the sale of their commercial property, ‘One Paramount 1,’ in Chennai to Singapore-based investor Keppel for $264 million (Rs 2,191 crore).
One Paramount 1 is part of One Paramount, a Grade A office asset located in Chennai, developed through a joint venture between RMZ and CPP Investments.
Located in Porur, One Paramount 1 spans 12.6 acres and offers 2.4 million sq ft of leasable space. The property hosts tenants such as DOW Chemicals, Nielsen IQ, UPS, Maersk, Bechtel, Genpact, Hitachi Energy, and VMware, among others.
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Arshdeep Sethi, president of 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. Keppel’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 approximately 12.5 million sq ft of core and under-development commercial assets across five Indian cities. This joint venture has led to the development of RMZ One Paramount in Chennai and prime office assets such as RMZ Nexity and RMZ Spire in Hyderabad.
Hari Krishna, managing director and head of Real Estate India at CPP Investments, said, “India is one of the fastest-growing economies in the world and an important market for us in Asia. We have been able to capture the country’s growth opportunities in the real estate sector through our partnership with RMZ. The sale of One Paramount 1 represents an opportunity to monetize a quality asset to deliver returns to the CPP Fund.”