Canada Pension Plan Investment Board (CPP Investments) is investing INR15bn (€167.8m) to develop and hold commercial office asset in India via a joint venture with local property developer RMZ Corp.

CPP Investments, which manages the C$476bn (€319bn) funds of the Canada Pension Plan, has partnered with RMZ Corp to develop and hold assets in Chennai and Hyderabad worth more than US$1.5bn (€1.3bn).

Hari Krishna, real estate managing director in India at CPP Investments, said: “As India continues to be a strong source of global talent, demand for collaborative and engaging workspace is expected to grow.

“Working alongside RMZ Corp, a pioneer in the commercial property industry, this joint venture is well placed to meet the growing demand for high-quality sustainable office assets in Chennai and Hyderabad.”

Manoj Menda, RMZ Corp’s corporate chairman, said the partnership with CPP Investments strengthens RMZ Corp’s vision of achieving its hyper-growth strategy target, adding that the value of the partnership assets, once developed, is estimated to be over US$1.5bn.

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