AIG Global Real Estate forms JV with RMZ Corp

Mumbai, Apr 2 (UNI) AIG Global Real Estate and RMZ Corp, one of India's leading corporate real estate developers, have agreed to create an equal joint venture to develop commercial/office space in key cities across India and to evaluate hospitality development projects throughout India.

The JV will also seek to engage leading international hotel chain operators in connection with the management of its hotel properties.

Commenting on the occasion today, RMZ Corp Managing Director Raj Menda said ''We have chosen to partner with AIG Global Real Estate because of its vast experience in real estate investment and development around the world.

This alliance will help us in achieving our long term goals in terms of capital investment and financial support, as well as in adopting best global practices that enable Indian real estate to benchmark with the best in the world.

This alliance will largely contribute to our overall growth strategy.'' Mr Sunil Mehta, Country Head and Chief Executive Officer, AIG Companies - India said '' We believe that AIG Global Real Estate is well positioned to realize and capitalize on the opportunities that exist in the Indian market. We are confident that we can utilize and build on the inherent synergies of the joint venture to reinforce AIG's commitment as a long term financial player across all asset classes in India.'' Recently, the AIG Global Real Estate-RMZ JV made a successful bid for an 11-acre plot in Chennai for Rs 298.10 crore. It plans to develop 1.5 million sq ft of office space on the acquired property.

A second project is currently under consideration.

UNI