RMZ sells 12.8m sq ft for Rs 14,000 cr to Brookefield

New Delhi: Realty player RMZ Corp has concluded sale of about 12.8 million square feet of 67 million square feet of its real estate assets for about Rs 14,000 crore (USD 2 billion) to a fund owned and managed by Brookfield Asset Management.

The deal is one of the largest ones in the real estate industry of India.

The 12.8 million square feet space inlcudes properties in Bengaluru, Pune, Chennai and Group’s flexible office arm-CoWrks.

"The deal between RMZ Corp and Brookfield marks our most important milestones for the year— conversion to a “debt-free” arm. At RMZ, we look forward to enhancing our hyper- growth strategy.” said Manoj Menda, Corporate Chairman, RMZ Corp said in a statement. 

RMZ Ecoworld is a project measuring 14 million square feet at Outer Ring Road, Bengaluru of which 6.7 million square feet has been acquired by the fund under the deal. RMZ Group has worked out the deal to be able to clear all its debt and embark on a faster growth strategy involving institutional investors.