Brookfield India REIT (BIRET) and GIC have announced that they will acquire 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 approximately ₹11582.1 crores ($1.4 billion).
This marks the first-of-its-kind partnership In India between a listed REIT and a global institutional investor.
Khaitan & Co represented Brookfield Asset Management as their legal counsel.
Shardul Amarchand Mangaldas represented Brookfield India Real Estate Trust as their legal counsel.
Deal Team: Jay Gandhi - Partner, Abhishek Parekh - Partner
Capital Markets Team: Nikhil Naredi - Partner
Banking Team: Zubin Mehta – Partner
Competition Law Team:Harman Singh Sandhu - Partner, Yaman Verma - Partner
Due Diligence Team: Jay Gandhi - Partner, Abhishek Parekh - Partner
Due Diligence Team - Real Estate (Mumbai): Bhoumick Vaidya - Partner
Due Diligence Team - Real Estate (Delhi): Mrinal Kumar – Partner, Shrutikirti Kumar – Partner
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.
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