CPP Investments, RMZ Plan office project on Kamalistan Studio land

Mumbai | Bengaluru: Canada Pension Plan Investment Board (CPP Investments) has entered into an agreement with realty developer RMZ Corp to develop a commercial project on a 15-acre land parcel in Mumbai where the iconic Kamalistan Studio stands, said persons with direct knowledge of the development.

Founded by filmmaker Kamal Arohi in 1958, Kamalistan Studio is known for blockbuster Bollywood movies including Pakeezah, Razia Sultan and Amar Akbar Anthony. It is located in Mumbai’s western suburb Jogeshwari.

In March 2022, Bengaluru-based RMZ and CPP Investments had announced that they have entered into a joint venture to develop and hold commercial office space in key cities across India.

This was the second joint venture between RMZ and CPPIB, following their first joint venture formed in 2021 to develop and manage around 10 million sq ft of grade A commercial office spaces across Hyderabad and Chennai.

The total aggregate capital commitment by CPP Investments into the joint venture will be ₹2,650 crore, to support the development and acquisition of projects across India. “The Kamalistan redevelopment project will be undertaken through the joint platform that counts RMZ as the development partner. The proposed project will have a total 4.89 million sq ft leasable commercial space across eight office towers,” said one of the persons mentioned above.