RMZ Corp, a business park developer, has signed a deal to buy land assets and development rights in Adarsh project to build a new work destination for around $200 million (Rs 1,300 crore). The acquisition is supported by Qatar Investment Authority.
In this deal, RMZ Corp receives the ownership of about 30 acres of land which will be used to expand RMZ Ecoworld Park and make it the largest work destination in Bengaluru. The company has decided to invest around $400 million on construction while developing the 5.5 million sq. ft. of space. With RMZ Ecoworld Park will be extended to 13.5 million sq. ft. with increased number of workstations to 1.3 lakh from 80,000.
This serves the company’s vision of expansion office space in Bengaluru as the vacancy levels in the city has been decreased due to lifted demand for Grade-A office space but lesser supply.
“We are buying the asset along with complete FSI (floor space index) approvals for development, valuing it at around Rs 2,000sqft. This will be funded through internal accruals and support from our partner QIA,” says Manoj Menda, Corporate Chairman, RMZ Corp.
Source: ET Realty