- What A CPP partnership has completed its sale of an office property in Chennai, India
- Why Agreement to sell the asset was signed in June
- What next Deal will bring US$52m in net proceeds for CPP
Canada Pension Plan Investment Board and India-based firm RMZ have completed the sale of One Paramount 1 in Chennai, India, to Singapore-based Keppel for US$264m ($363m).
Net proceeds to CPP total about US$52m.
One Paramount 1, part of the broader One Paramount development, comprises three office towers spanning 2.4m sq ft. Tenants include Bechtel, Dow Chemicals, Genpact, Hitachi Energy, Maersk, Nielsen IQ, UPS and VMware.
CPP and RMZ formed their joint venture in 2021. The partnership continues to hold stakes in roughly 12.5m sq ft of core and underdevelopment commercial assets in five Indian cities.
