Brookfield India REIT and GIC Acquire Two Large Commercial Assets from Brookfield’s Private RE Funds
Posted on 05/19/2023
Brookfield India REIT (BIRET) and Singapore’s GIC Private Limited disclosed they are buying two large commercial assets (totaling 6.5 million square feet) from Brookfield Asset Management’s private real estate funds in an equal partnership. The acquisition includes commercial properties in Brookfield’s Downtown Powai, Mumbai and Candor TechSpace, Sector 48, Gurugram (G1), for a combined enterprise value of around US$ 1.4 billion. The Singaporean sovereign wealth fund sees growth in India’s office sector that is being driven by an established IT industry. The acquisition includes commercial properties in Brookfield’s Downtown Powai, Mumbai and Candor TechSpace (G1) Gurugram, for a combined enterprise value of Rs 112,250 million.
Goh Chin Kiong, Deputy Chief Investment Officer of Real Estate, GIC, said in a press release, “We are pleased to partner Brookfield India REIT as Brookfield is a leading market player with a strong track record in India. In addition, this marks our first joint venture with a public REIT in India and will allow us to scale up our investments through this avenue. We look forward to adding value to the assets, which are well-located within key gateway cities.”
The transaction will increase the gross asset value of Brookfield India Real Estate Trust to US$ 3.5 billion and the net asset value to US$ 2 billion. With a 35% increase in total leasable space and a 44% increase in operating area, the acquisition significantly scales the Brookfield India REIT portfolio.
Properties
Downtown Powai is a portfolio of 9 commercial properties spread across three clusters totaling 2.7 million square feet of operating area and 0.1 million square feet of area under expansion. Strategically located within Hiranandani Gardens, Powai, a 250 acre integrated township with high quality residential developments and social infrastructure, the location provides a live-work-play ecosystem and excellent transport connectivity.
Candor TechSpace (G1), Gurugram, is one of the largest campus office developments in Gurugram. It comprises 12 completed buildings.
Keywords: Brookfield India Real Estate Investment Trust, Brookfield Asset Management Inc.
