RMZ
| Company type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 2002 |
| Founder | Arjun Menda Raj Menda Manoj Menda |
| Headquarters | Bengaluru, India |
Area served | India |
Key people | Arjun Menda (Group Chairman) Raj Menda (Chairman) Manoj Menda (Chairman)[1] |
| Products | Commercial offices, Industrial parks, Residential apartments, Mixed-use developments, Data centres |
Number of employees | 500+ |
| Website | www |
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][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
- ^ 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.
- ^ a b c Gupta, Arbind (June 25, 2022). "RMZ: Building spaces of future". Business India.
- ^ "RMZ plans to double its real estate business to $40 billion by 2029". ETRealty.com. 2023-11-22. Retrieved 2023-12-01.
- ^ Mohapatra, Debasis (November 26, 2018). "Here's why Menda brothers' RMZ is set to enter its next growth phase". Business Standard.
- ^ Kurian, Boby; Phadnis, Shilpa (February 2, 2012). "Baring, RMZ set to seal 500cr Bangalore IT park deal". The Times of India.
- ^ Das, Avik (September 29, 2015). "RMZ buys Gurgaon IT park for $150 million from BPTP". The Times of India.
- ^ Kumar, V. Rishi (13 October 2017). "RMZ in rapid expansion mode; scouts for acquisitions". The Hindu Business Line.
- ^ Khan, Sobia (5 February 2019). "RMZ eyeing assets across cities to expand portfolio". The Economic Times.
- ^ Kulkarni, Narayan (October 23, 2016). "CoWrks to expand operations". Deccan Herald.
- ^ Kamath, Raghavendra (August 27, 2020). "Brookfield in talks to buy RMZ's co-working solution provider CoWrks". Business Standard.
- ^ Sapan, Bidya (February 3, 2016). "RMZ. buys Essar's Equinox Business Park for Rs2,400 crore". Livemint.
- ^ Khan, Sobia (4 July 2018). "Office space firm RMZ raising Rs 2,060 crore from Qatar fund". The Economic Times.
- ^ Giriprakash, N. Ramakrishnan & K. (15 April 2018). "RMZ Group to buy out Baring PE, Qatar Investment Authority combined stake". The Hindu Business Line.
- ^ 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.
- ^ "RMZ forms joint venture with Japanese firm for commercial projects". Hindustan Times. Press Trust of India. January 30, 2020.
- ^ Ramnani, Vandana (October 20, 2020). "India's biggest-ever property deal: Bengaluru-headquartered RMZ sells assets worth $2 billion to Brookfield". Moneycontrol.com.
- ^ Dhamija, Anshul (October 20, 2020). "Big real estate deal shows office isn't going away". Fortune India.
- ^ Das, Avik (April 21, 2021). "Canada Pension to invest $210 million with RMZ to develop office parks". The Times of India.
- ^ Suvarna, Anuj (March 3, 2022). "Canada's CPPIB To Invest $350 Mn In JV With Bengaluru Realty Firm RMZ". VCCircle.
- ^ Shah, Barkha (February 6, 2013). "RMZ eyes 2 more commercial realty projects in Hyderabad". Business Standard.
- ^ Dhamija, Anshul (May 9, 2014). "RMZ signs mega office deals in Bangalore". The Times of India.
- ^ Babar, Kailash; Khan, Sobia (April 15, 2019). "Boeing India arm picks up office space in Bengaluru". The Economic Times.
- ^ "RMZ rejigs top leadership team, targets $42 billion AUM by 2029". The Economic Times. 22 Nov 2023. Retrieved 26 Sep 2024.
- ^ Meyer, Denise (February 24, 2019). "New initiative will fund innovative solutions in health care". Yale School of Medicine. Yale University.
- ^ Kappan, Rasheed (July 6, 2017). "A new tech space designed for art". Deccan Herald.
- ^ Govind, Ranjani (July 21, 2017). "The art of beautifying public spaces". The Hindu.
- ^ "Urban Works Challenge open". The Hindu Business Line. September 24, 2018.
- ^ "Yale-India business accelerator to promote innovative health solutions". Yale News, Yale University. July 9, 2019.
- ^ Staff Writer (June 8, 2019). "A sustainable health initiative launched". Healthcare Radius.