Brookfield India REIT to acquire commercial property worth $1.4 billion in partnership with GIC

Brookfield Asset Management will sell 6.5 million square feet of commercial real estate in India, for an enterprise value of $1.4 billion, to its listed real estate investment trust, Brookfield India REIT, and Singapore’s GIC.

The properties being purchased are located in Gurugram’s Candour TechSpace and Powai’s Hiranandani Gardens, according to a regulatory filing.

Although Brookfield REIT had the right to first offer for the assets, the ownership has been modified in order to allow the current transaction, which enables a partnership between GIC and REIT.

It is expected that the gross asset value and net asset value of Brookfield India Real Estate Trust will rise up to $3.5 billion and $2 billion, respectively. This acquisition will also expand the portfolio of Brookfield India REIT, by adding 35% to total leasable space and 44% to operating area, as per the filing.