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YUGEN REALTY, SURAT
Singapore-based global asset manager Keppel has acquired One Paramount 1 Tech Park in Chennai for approximately ₹2,100 crore, according to sources familiar with the deal. The prime office asset was previously jointly owned by realty developer RMZ Corporation and Canadian pension fund CPP Investments.
Located in Chennai’s Porur area, the property spans over 12.6 acres and features a gross leasable area of 2.4 million sq ft across three Grade A office towers.
The transaction was completed at a cap rate of around 8.5%, marking one of the highest rates in recent times. The payment for the acquisition is expected to be finalized this week. The cap rate reflects the ratio of a property’s net operating income to its purchase price, indicating the potential return on investment. The commercial complex is home to notable tenants such as Genpact, Hitachi Energy, Maersk, NielsenIQ, UPS, VMware, and Wabco.
“Commercial real estate is only beginning to recover from the slowdown experienced post-pandemic. Bengaluru-based RMZ has also faced challenges with leasing milestones and has exited with its financial partner once these targets were met,” noted another source.
In 2021, RMZ and CPP Investments formed a joint venture to develop 10.4 million sq ft of commercial office space in Chennai and Hyderabad. The combined value of these assets, including RMZ Paramount, RMZ Nexity, and RMZ Spire in Hyderabad, was projected to exceed $1.5 billion upon completion.
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Disclaimer : This information has been collected through secondary research and Yugen Realty Newspaper is not responsible for any errors in the same.
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