Bengaluru-based real estate giant, RMZ Corp, in partnership with Canada Pension Plan Investment Board (CPP Investments), has successfully concluded the sale of their prime Chennai office asset, One Paramount 1, to Singapore-based Keppel Corporation for a substantial $264 million. This strategic divestment marks a significant milestone for both RMZ and CPP Investments, allowing them to optimize their real estate portfolios and allocate capital towards new growth opportunities.
Spanning across 12.6 acres in Porur, Chennai, One Paramount 1 is a Grade A office complex boasting 2.4 million square feet of leasable area. The acquisition of this high-quality asset strengthens Keppel Corporation’s foothold in India’s burgeoning commercial real estate market.
Despite this divestment, RMZ and CPP Investments maintain a robust partnership, with a combined portfolio of approximately 12.5 million square feet of commercial assets across key Indian cities. This transaction underscores the sustained investor interest and confidence in India’s commercial real estate sector, particularly in Tier-I cities like Chennai, which has emerged as a significant office market hub.