Baring injects $100m in RMZ India project
Baring Private Equity Partners (BPEP) has channeled INR5 billion ($100 million) into backing RMZ Corp’s acquisition of an office space project in Bangalore.
South India's largest office space builder is buying a 6 million square foot Adarsh Prime Projects development for INR10.8 billion, which includes the purchase of 1.4 million sq ft of pre-leased space and land with rights to build an extra 4.6 million sq ft space.
BPEP will hold a 28% stake in the special purpose vehicle used for this buyout, while RMZ will retain the remaining share capital.
RMZ, which was established in 2002, buys and develops corporate real estate properties in India, as well as developing business parks and office spaces, homes, hospitality and retail properties, and mixed use projects.
The company previous received $350 million in investment from another private equity firm, AIG Global Real Estate, between 2007 and 2009. AIG supported RMZ using funds from its AIG Real Estate Opportunity XII-India Fund.
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