Shares of Signature Global (India) Ltd soared 6% on 16 February after the company announced that it had entered into a joint venture with RMZ, Asia’s integrated alternative assets platform, to develop a mixed-use project comprising office spaces, hotels, and retail units on the Southern Peripheral Road (SPR) in Gurugram.
Under the agreement, Signature Global and RMZ will establish a 50:50 joint venture, with RMZ committing an investment of Rs 1,283 crore for the project.
As part of the transaction, RMZ, through its group entity, Millennia Realtors Private Limited, will acquire a 50% stake in Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global. The acquisition will be through a mix of share purchase and share subscription that will formalise the 50:50 partnership for the project’s development.
The project, located on the Southern Peripheral Road, will offer a leasable or saleable area of over 5 million square feet. With this development, Signature Global will make its first major entry into large-scale commercial real estate within its existing land portfolio, marking a significant step in diversifying its portfolio.
The joint venture combines the strengths of both companies. Signature Global will leverage its execution expertise, construction capabilities, and deep understanding of the Delhi-NCR market, while RMZ will contribute its experience in designing, leasing, and managing large commercial and mixed-use developments.
Upon completion, the total capital value of the project is expected to range between Rs 14,000 crore and Rs 17,000 crore, positioning it among the largest mixed-use developments in the region.
The company said that Signature Global’s execution strength and market knowledge make it an ideal partner, and together, the two firms aim to create a high-quality, future-ready commercial destination that delivers long-term value for occupiers and investors.
At 2:25 pm, the shares of Signature Global were trading 5.04% higher at Rs 1,093 on NSE.
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