RMZ Corporation, one of India’s largest family-run alternative asset owners, and the Canada Pension Plan Investment Board (CPP Investments) have successfully sold One Paramount 1 to Singapore-based Keppel Ltd. for USD 264 million. The transaction was completed as part of a strategic partnership between RMZ and CPP Investments.
One Paramount 1, a Grade A prime office asset, is situated in Porur, Chennai, and is part of the One Paramount project. Spanning 12.6 acres, it offers 2.4 million square feet of leasable space, comprising three modern office towers with spacious floor plates. The asset also features support retail and amenities. Its diverse tenant base includes prominent global companies such as DOW Chemicals, Nielsen IQ, UPS, Maersk, Bechtel, Genpact, Hitachi Energy, and VMware.
RMZ and CPP Investments continue to hold stakes in an additional approximately 12.5 million square feet of core and under-development commercial assets across five Indian cities. The partnership has developed notable projects like RMZ One Paramount in Chennai and prime office assets like RMZ Nexity and RMZ Spire in Hyderabad. From the sale of One Paramount 1, CPP Investments will receive net proceeds of approximately USD 52 million.
The inflow of foreign capital into India’s real estate market underscores the country’s economic growth. In the first half of 2024, Foreign Institutional Investors (FIIs) invested USD 3.1 billion, representing 65% of the total USD 4.8 billion invested in the sector.
Hari Krishna, Managing Director and Head of Real Estate India at CPP Investments, stated, “India is one of the fastest-growing economies in the world and an important market for us in Asia. We have been able to capture the country’s growth opportunities in the real estate sector through our partnership with RMZ. The sale of One Paramount 1 represents an opportunity to monetize a quality asset to deliver returns to the CPP Fund.”
Trilegal advised RMZ and CPP Investments on the sale of 100% of RMZ Infinity (Chennai) Private Limited (RICPL), a special purpose vehicle owning One Paramount.
The Trilegal Corporate team was led by Partners Sai Krishna Bharathan and Shivani Kabra. The Real Estate team was led by Partner Mridul Kumbalath and Counsel Arnav Nagalia. The Tax team was led by Partner Meyyappan Nagappan. The Banking and Finance team was led by Mallika Chopra. The Intellectual Property team was led by Partner Kirti Balasubramanian. The Labour and Employment team was led by Partner Apeksha Mattoo and Counsel Rina Goyal. The TMT team was led by Counsel Jishnu Sanyal.
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