BIRET-GIC to acquire 2 assets from Brookfield funds for $1.4 bn
The transaction will increase the gross asset value of Brookfield India Real Estate Trust to $3.5 billion and the net asset value to $2 billion
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Mumbai: Brookfield India REIT (BIRET) and Singapore's GIC on Friday announced an equal partnership to acquire two commercial properties in India for $1.4 billion or Rs 11,225 crore.
The two assets in the financial capital and Gurugram have a built-up area of 6.5 million square feet, and are presently owned by Brookfield Asset Management's private real estate funds, BIRET said in a statement.
The two properties are Brookfield's Downtown Powai, which is a portfolio of nine commercial properties spread over three clusters having 2.7 million square feet of operational area and 0.1 million square feet of area under expansion, and CandorTechspace in Gurugram's sector 48, which has over 3.7 million square feet of operational space and three-fourths of it is classified as committed occupancy. This is a first-of-its-kind partnership In India between a listed REIT (real estate investment trust) and a global institutional investor.
BIRET proposes to fund the acquisitions through an institutional placement of up to Rs 3,500 crore and may also consider other forms of fundraising, including preferential allotment.
