Brookfield Asset Management has finalized a deal to sell 6.5 million square feet of commercial real estate in India to Brookfield India REIT, its listed real estate investment trust, and Singapore’s GIC, for a total enterprise value of $1.4 billion. The properties in question are located in Gurugram’s Candour TechSpace and Powai’s Hiranandani Gardens, according to a regulatory filing.
Although Brookfield REIT had the right of first offer for these assets, the ownership structure has been modified to enable the current transaction, which involves a partnership between the REIT and GIC. Kishore Gotety, co-head of real estate, Asia ex-China, at GIC, expressed optimism about the India office sector’s growth, citing the established IT industry, increased global corporate interest in digital adoption, and the availability of skilled talent. He emphasized that these acquisitions reflect GIC’s confidence in the Indian market and will contribute to the diversification of its global office portfolio.
This deal will significantly increase the gross asset value and net asset value of Brookfield India Real Estate Trust to US$3.5 billion and US$2 billion, respectively. The acquisition will greatly expand the Brookfield India REIT portfolio, increasing the total leasable space by 35% and the operating area by 44%, as stated in the filing.
Ankur Gupta, managing partner and head of real estate in the APAC region at Brookfield, expressed enthusiasm about the long-term strategy of growing and diversifying the India REIT portfolio through value-enhancing transactions. Gupta highlighted the addition of market-leading properties and the substantial increase in the REIT’s size. Furthermore, he noted that this unique partnership with GIC further solidifies their global collaboration in India and underscores the quality of the portfolio they have built in the country.
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