BENGALURU, Nov 22 Reuters Indian office landlord RMZ Corp said on Wednesday it will invest 7 billion to diversify into four new segments, in a bid to more than double the value of its rentyielding real estate assets to 40 billion by 2029.

The privatelyheld firm, whose rentyielding assets are currently valued at 15 billion, told Reuters that it will fund the investment through a combination of internal accruals and funds raised from existing and new investors as it expands into ultra luxury residential living, industrial and logistics, hospitality, and mixeduse sectors.

The Bengalurubased company will invest 60 of the capital on expanding office and mixeduse properties, it said.

Mixeduse buildings typically combine different types of real estate spaces like residential and commercial projects.

Analysts believe the Indian real estate sector has hit a purple patch after the pandemic. Higher incomes and a shift towards luxury offerings has aided apartment builders to book higher profits, while workers returning to office have helped buoy optimism for commercial real estate firms.

RMZ already counts Canada Pension Plan Investment Board CPPIB and Japan39;s Mitsui Fudosan among its investors. The company is in talks with two more global investors, said Arshdeep Sethi, president of the real estate business, who did not disclose additional details.

RMZ, owned by brothers Raj and Manoj Menda and their family, competes with office developers such as Prestige Estates Projects,…