RMZ Corporation and Canada Pension Plan Investment Board (CPP Investments) have announced the sale of their commercial property, ‘One Paramount 1’ to Singapore-based investor Keppel for USD 264 million (Rs 2,191 crore).

'One Paramount 1' is part of One Paramount, a Grade-A office asset located in Chennai. It was developed through a joint venture between RMZ and CPP Investments. The sale represents an opportunity to monetise a quality asset to deliver returns to the CPP Fund. Located in Porur, 'One Paramount 1' spans 12.6 acres and offers 2.4 million sq. ft. of leasable space, and hosts tenants such as DOW Chemicals, Nielsen IQ, UPS, Maersk, and others.

The divestment will allow to reallocate resources into newer, high-growth opportunities within its portfolio. As part of their partnership, RMZ and CPP Investments will continue to hold stake in approx. 12.5 million sq. ft. of core and under-development commercial assets in five cities in India. This JV has led to the development of RMZ One Paramount in Chennai, and office assets such as RMZ Nexity and RMZ Spire in Hyderabad.