RMZ
Indian real estate company
RMZ
Company typePrivate
IndustryFinancial Services
Founded2002
FounderArjun Menda
Raj Menda
Manoj Menda
HeadquartersBengaluru, India
Area served
India
Key people
Arjun Menda (Group Chairman)
Raj Menda (Chairman)
Manoj Menda (Chairman)[1]
ProductsCommercial offices, Industrial parks, Residential apartments, Mixed-use developments, Data centres
Number of employees
500+
Websitewww.rmz.com

RMZ is an Indian privately owned alternative asset company, headquartered in Bengaluru.[2] The company has developed projects in Bengaluru, Chennai, Hyderabad, Delhi NCR, Pune, and Mumbai.[2][2][3]

History

RMZ was founded in 2002 by Arjun Menda and his sons, Raj and Manoj Menda, who were associated with the K Raheja Group, managing operations in the southern region during the late 1990s. RMZ executed its first project in Bangalore in 2002.[2][4]

In 2012, RMZ introduced residential real estate projects such as Latitude, Saawan, and Galleria. In February 2012, it received a $100 million investment from private equity firm Baring Private Equity Partners (BPEP).[5] Qatar Investment Authority (QIA) invested $300 million in RMZ in 2013, acquiring a 21% stake. In December 2015, the company acquired 0.8 million sq ft in Gurgaon from the real estate company BPTP for approximately $150 million.[6][7][8]

In 2016, the company launched a co-working space business called CoWrks.[9][10]

In 2018, RMZ acquired Essar Group's Equinox Business Park, a 1.25 million sq. ft office space in Mumbai's Bandra-Kurla Complex for around ₹2,400 crore.[11] In the same year, the company repurchased shares from Qatar Investment Authority in a deal worth nearly $1 billion.[12][13] In 2019, RMZ and DB Realty jointly acquired the Kamal Amrohi's film studio Kamalistan, located in Mumbai.[14]

In January 2020, RMZ formed a US$1 billion joint venture with a Japanese real estate company Mitsui Fudosan to develop commercial projects in India.[15] In August 2020, the company sold 18% of its commercial real estate and co-working business to Brookfield for $2 billion.[16][17]

In April 2021, Canada Pension Plan Investment Board invested around $210 million in a joint venture with RMZ to develop and hold commercial office space in Chennai and Hyderabad.[18] Later in March 2022, a second joint venture with the Canada Pension Plan Investment Board (CPPIB) was announced, in which CPPIB invested $355 million (around ₹2,650 crore) for the development of commercial projects in India.[19][20][21][22]

In November 2024, RMZ expanded its operation including residential (RMZ Living), hospitality (RMZ Hospitality), mixed-use developments (RMZ Mixed-Use), industrial and logistics (RMZ NXT), office spaces (RMZ Office), and infrastructure (RMZ Infrastructure).[23]

CSR

RMZ Foundation is the CSR arm of the company, founded in 2015, led by Anu Menda as the managing trustee. The foundation operates with a focus on art, resilient communities, and urban innovation.[24] The organization has installed artworks at RMZ Ecoworld, including sculptures by contemporary artists such as Subodh Gupta, Ravinder G Reddy, Dhruva Mistry, Paresh Maity, Arunkumar H G, and Jayasri Burman.[25][26][27] In 2019, RMZ Foundation established the Sustainable Health Initiative, a business accelerator supporting healthcare startups.[28][29]

References

  1. ^ Keshavdev, V. (15 May 2024). "Transparency, governance in real estate can attract funds from $350 bn global dry powder: RMZ's Menda". FortuneIndia. Retrieved 30 Sep 2024.
  2. ^ a b c d Gupta, Arbind (June 25, 2022). "RMZ: Building spaces of future". Business India.
  3. ^ "RMZ plans to double its real estate business to $40 billion by 2029". ETRealty.com. 2023-11-22. Retrieved 2023-12-01.
  4. ^ Mohapatra, Debasis (November 26, 2018). "Here's why Menda brothers' RMZ is set to enter its next growth phase". Business Standard.
  5. ^ Kurian, Boby; Phadnis, Shilpa (February 2, 2012). "Baring, RMZ set to seal 500cr Bangalore IT park deal". The Times of India.
  6. ^ Das, Avik (September 29, 2015). "RMZ buys Gurgaon IT park for $150 million from BPTP". The Times of India.
  7. ^ Kumar, V. Rishi (13 October 2017). "RMZ in rapid expansion mode; scouts for acquisitions". The Hindu Business Line.
  8. ^ Khan, Sobia (5 February 2019). "RMZ eyeing assets across cities to expand portfolio". The Economic Times.
  9. ^ Kulkarni, Narayan (October 23, 2016). "CoWrks to expand operations". Deccan Herald.
  10. ^ Kamath, Raghavendra (August 27, 2020). "Brookfield in talks to buy RMZ's co-working solution provider CoWrks". Business Standard.
  11. ^ Sapan, Bidya (February 3, 2016). "RMZ. buys Essar's Equinox Business Park for Rs2,400 crore". Livemint.
  12. ^ Khan, Sobia (4 July 2018). "Office space firm RMZ raising Rs 2,060 crore from Qatar fund". The Economic Times.
  13. ^ Giriprakash, N. Ramakrishnan & K. (15 April 2018). "RMZ Group to buy out Baring PE, Qatar Investment Authority combined stake". The Hindu Business Line.
  14. ^ Kurian, Boby (June 10, 2019). "The end: Kamal Amrohi's six-decades-old studio to be converted into Rs 21,000 cr office park". The Economic Times.
  15. ^ "RMZ forms joint venture with Japanese firm for commercial projects". Hindustan Times. Press Trust of India. January 30, 2020.
  16. ^ Ramnani, Vandana (October 20, 2020). "India's biggest-ever property deal: Bengaluru-headquartered RMZ sells assets worth $2 billion to Brookfield". Moneycontrol.com.
  17. ^ Dhamija, Anshul (October 20, 2020). "Big real estate deal shows office isn't going away". Fortune India.
  18. ^ Das, Avik (April 21, 2021). "Canada Pension to invest $210 million with RMZ to develop office parks". The Times of India.
  19. ^ Suvarna, Anuj (March 3, 2022). "Canada's CPPIB To Invest $350 Mn In JV With Bengaluru Realty Firm RMZ". VCCircle.
  20. ^ Shah, Barkha (February 6, 2013). "RMZ eyes 2 more commercial realty projects in Hyderabad". Business Standard.
  21. ^ Dhamija, Anshul (May 9, 2014). "RMZ signs mega office deals in Bangalore". The Times of India.
  22. ^ Babar, Kailash; Khan, Sobia (April 15, 2019). "Boeing India arm picks up office space in Bengaluru". The Economic Times.
  23. ^ "RMZ rejigs top leadership team, targets $42 billion AUM by 2029". The Economic Times. 22 Nov 2023. Retrieved 26 Sep 2024.
  24. ^ Meyer, Denise (February 24, 2019). "New initiative will fund innovative solutions in health care". Yale School of Medicine. Yale University.
  25. ^ Kappan, Rasheed (July 6, 2017). "A new tech space designed for art". Deccan Herald.
  26. ^ Govind, Ranjani (July 21, 2017). "The art of beautifying public spaces". The Hindu.
  27. ^ "Urban Works Challenge open". The Hindu Business Line. September 24, 2018.
  28. ^ "Yale-India business accelerator to promote innovative health solutions". Yale News, Yale University. July 9, 2019.
  29. ^ Staff Writer (June 8, 2019). "A sustainable health initiative launched". Healthcare Radius.
Retrieved from "https://en.wikipedia.org/w/index.php?title=RMZ&oldid=1331099363"