RMZ sells its real estate assets for $2 billion to Brookfield
By MYBRANDBOOK
RMZ, the Indian developer, has sold out 12.5 million square feet of its real estate assets to Brookfield Asset Management Inc BAMa.TO for $2 billion.
As per news source, the deal includes divestment of RMZ’s co-working business CoWrks.
this deal, RMZ will have zero debt as it involves its rent-yielding offices and co-working spaces. The company will use the money to expand its portfolio.
“The deal marks the largest-ever deal in the Indian real estate industry,” RMZ said in a statement.
The company will divest a part of its core portfolio across Bangalore and Chennai, it said.
The commercial real estate asset portfolio of RMZ is valued at about $10 billion, according to The Hindu newspaper of India.
The deal involved a sale of 18% of RMZ’s commercial assets portfolio.
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