RMZ Corp is going to buy Equinox Business Park located in Bandra-Kurla Complex, a commercial project developed by Essar Group, in Mumbai for about 2,400 crore.
According to the report, 50 per cent of stakes are sold by RMZ Corp and remaining stake buyout is scheduled to happen at the end of this year. Qatar Investment Authority (QIA) and several sovereign funds will fund this acquisition.
The Equinox Business Park which is renamed as RMZ Equinox Business Park has 1.25 million sq. ft. of space operated by Equinox Realty, a realty arm of Essar. Apart from this acquisition, RMZ Corp will form its second partnership with QIA with a dream to acquire many development assets in top cities across the country.
“The acquisition of this investment provides additional accretive opportunities and further diversification of RMZ’s growing portfolio in the Mumbai market, demonstrating the fundamentals of acquiring quality assets in strategic locations,” says Arshdeep Sethi, MD, Investment, RMZ Corp.
Source: ET Realty