RMZ Corp rejigs top leadership team

RMZ Corp rejigs top leadership team

RMZ Corporation has rejigged its top leadership team and set up a new governance structure as it seeks to rank among the leading family-owned alternative asset companies. The changes are part of efforts to double the Bengaluru-headquartered firm’s rent-yielding real estate business to $42 billion, with a total investment of around $16 billion by 2029.

The firm has set up a new governance structure with two boards – the supervisory board led by brothers Raj Menda and Manoj Menda and the family’s second generation, Sidharth and Mihir, and an executive board comprising non-family senior leaders from diverse industry backgrounds overseeing each of the firm’s businesses.

The Menda brothers said the strategic transformation underscores the family’s unwavering commitment to growth and expansion within alternate investment classes. “We are deeply focused on investing in high-growth opportunities across geographies that lay the foundations for a sustainable global economy. With the assistance of our second generation, Sidharth and Mihir, RMZ Corporation is positioned to become amongst the world’s largest family-owned alternate asset owners in the next five years,” they said in a statement.

The company has redesignated Arshdeep Sethi as president of RMZ Real Estate and CEO of its various asset classes, Thirumal Govindraj as CEO of RMZ Office, Avnish Singh as CEO of RMZ Mixed Use, Saandip Kundu as CEO of RMZ Living and Avinash Sule as CEO of RMZ Industrial & Logistics and RMZ Hospitality. The CEOs are part of the leadership team and will sit on the board of all investment platforms.

RMZ Corporation aims to create an additional $25 billion in assets over the next five years, with most of the development under the commercial segment. It has presence in six cities at present, with a total value of $18 billion across its diversified asset portfolio.

The Menda brothers-owned company plans to build around 135 million sq ft of gross development, with the office segment comprising the largest share, followed by mixed-use, industrial and logistics, hospitality and residential.

“We are well-positioned to expand into four additional real estate asset classes-mixed-use, industrial and logistics, living and hospitality. Our primary objective is to create exceptional assets and high-quality portfolios on a global scale,” said Arshdeep Sethi, the newly appointed president of RMZ Real Estate. “We are committed to annually adding rent-yielding real estate of around $5 billion to our portfolio, alongside annualised sales of $0.6 billion in luxury residential in 2029. One-fifth of our capital allocation strategy is dedicated to acquiring and developing premium real estate in key gateway markets worldwide, such as London and New York.”

According to a report by CREDAI and CBRE, India’s economic shift, workforce expansion and urbanisation are poised to drive investment opportunities in the real estate sector over the next decade. This surge will result in substantial growth across housing, office spaces, retail and warehousing, it said.

By 2030, office space could reach one billion sq ft, with flexible workspaces accounting for 8-10% of this total, according to the report. Retail shopping centres might surpass 120 million sq ft and warehousing facilities could hit 500 million sq ft, it said, and residential real estate could see a nearly twofold increase from the current 1.5 million units in key cities by the end of this decade.

For more news like this visit The Economic Times.