Baring Private Equity to invest Rs.500 Crore in RMZ corp

TOI reported that Private equity (PE) firm Baring Private Equity Partners (BPEP) is investing $100 million (Rs 500 crore) in South India's largest office space builder RMZ Corp.

The PE player will back RMZ Corp's acquisition of an office space project of 6 million sq ft in the technology hub of Bangalore.

TOI first reported that RMZ Corp is buying out the 50-acre office development Adarsh Prime Projects in a deal valued at Rs 1,080 crore. The transaction, one of the biggest in the office space segment, involves purchase of 1.4 million square feet of pre-leased space and land with rights to build additional 4.6 million sq ft space.

Baring will pick up 28% stake in the special purpose vehicle (SPV) floated for this buyout, which happens to be one of RMZ's group companies . The remaining stake will be held by RMZ.