Bengaluru-based RMZ Corp is aiming to double its commercial real estate portfolio to 75 million square feet over the next five years, as it accelerates expansion through acquisitions and in-house development.

The company, which currently operates over 35 million sq ft across major Indian cities, has recently acquired 30 acres in Gurugram to strengthen its office portfolio and entered into an agreement with DB Realty to redevelop the iconic Kamalistan Studio property in Mumbai, ET reported.

“The company hasn’t raised any foreign capital to develop projects. We bought back all foreign partners in 2018,” the executive said.

In one of the largest buybacks by a private company, RMZ Corp recently purchased 45% shares held by QIA and Baring Private Equity Partners for around $1billion.

In 2013, QIA had invested ?600 crore in RMZ Corp for a 23% stake, while Baring Private Equity Partners had invested ?450 crore in 2012 for a 21% stake in the holding company, RMZ Infotech. The homegrown firm currently has over 35 million sq ft of project operational assets across major cities in the country. RMZ Corp also plans to acquire assets in key markets such as Bengaluru, Mumbai, Chennai and Hyderabad. It has already consolidated its operations. Fresh investment at the SPV level will come in the form of debt that can either be bought back or sold to third-party investors, the senior executive said.

In 2018, the builder had put off plans to float a real estate investment trust following the buyback of shares from QIA and Baring Private Equity Partners.

However, after the success of the first REIT, the firm may take that route again. “It now plans to fuel the growth by developing properties on its own, as well as through acquisition of commercial properties,” the executive added.