RMZ Corp to buy Essar's biz park

South Asian real estate development firm RMZ Corp has signed an agreement with Essar to acquire the Equinox Business Park in Mumbai’s Bandra-Kurla Complex for approximately Rs 2,400 crore.

Equinox Business Park, a 1.25 million sq feet office space, houses tenants including Nissan Motors, Acropolis, Crompton Greaves, Gilbarco Aegis, Lafarge and alike besides the offices of Essar. RMZ holds 20 million sq feet of core assets under management and is accelerating towards achieving a five year growth plan of 80 million sq feet, anchored by Qatar Investment Authority.

The acquisition is the latest in a series of large office space buyouts by RMZ Corp who have created a portfolio of rent-yielding commercial assets in India, RMZ Corp said.

“We are progressing our vision to create a more attractive and engaging environment which meets the changing needs of our customers. We are confident that with this acquisition we will extend our core businesses into the growing markets with a world-class development opportunity in the heart of one of Mumbai's major regeneration zones,” RMZ Corp corporate vice chairman Manoj Menda said.