Hybrid work model, which involves a mixture of work-from-home and work in offices, has gained momentum in the developed world (Representational image)
Real estate major RMZ Corp is targeting an entry into the US and European markets, with the company’s Chairman Manoj Menda saying in an interview on December 8 that their focus will be on developing offices in global hubs including London, Paris and New York.
According to Menda, the COVID-19 pandemic has changed the work culture through prolonged use of work-from-home, but at the same time it has thrown challenges for workspace solutions due to the adoption of hybrid work models.
The hybrid model, which involves a mixture of work-from-home as well work in offices, has gained momentum in major parts of the developed world. Considering this, RMZ is planning to make forays in the global market.
“Our customers need workspace solutions worldwide, which pushed us to look for geographies outside India,” Bloomberg quoted Menda as saying. “Our focus will primarily be the key gateway cities like London, Paris and New York for scaling up,” he added.
Also Read | Is the hybrid work model a good fit for companies in India?
RMZ has its sights on an annual capital deployment of $4 billion, and out of this, a major portion of 15 percent will be used for global expansion, Menda reportedly said.
Taking the contributions from its partners into account, the total investment in RMZ’s international foray is expected to cross $1 billion, the report said.
“We will involve our existing partners for investments outside India as well as look at new partners in those geographies. That gives us more capital at play,” Menda said.
Notably, RMZ plans to set up offices in London and Dubai by next quarter. In India, the company currently owns around $10 billion worth of commercial realty asset, which are considered to be high income yielding.
Since the past three years, RMZ has been studying the major overseas markets, the Bloomberg report said, adding that it has entered into talks with local developers and landowners and in the targeted cities for co-development. For co-investment, the company also plans to align with strategic financial investors, the report noted.Internet Explorer Channel Network