(Bloomberg) -- RMZ Corp. is foraying into overseas markets to develop offices for its global clients as one of India’s largest builders bets on a jump in demand for working spaces

“Our customers need workspace solutions worldwide, which pushed us to look for geographies outside India,” RMZ Corp’s Chairman Manoj Menda said in an interview. “Our focus will primarily be the key gateway cities like London, Paris and New York for scaling up.”

The pandemic has created challenges for office developers worldwide as work from home or hybrid work culture gained prominence. While work from home would increase, Menda said that the demand for office space is set to jump globally.

The Bengaluru-based developer, which owns around $10 billion worth of income yielding commercial realty assets in the country, plans to establish offices in London and Dubai by next quarter and set up teams to acquire development rights and achieve financial closures by the third quarter of next year.

With more than 250 global lessees, the builder has been researching the key overseas markets for more than three years and is in talks with some of the large landowners and local developers in these cities for co-development. It also plans to tie up with strategic financial investors for co-investment.

The developer has two equal partnerships with Canada Pension Plan Investment Board, and Mitsui Fudosan Ltd. for development of commercial offices in India, with each likely to develop and own $2 billion worth of assets.

RMZ is looking at an annual capital deployment of $4 billion, of which 15% will be allocated for international expansion, according to Menda. With contributions from its partners, total investment in global foray is likely to be more than $1 billion.

“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.

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