Brookfield India REIT (BIRET) and Singapore’s sovereign wealth fund, GIC, have joined forces in a significant deal to acquire two commercial assets worth $1.4 billion. This strategic partnership involves the purchase of two properties, spanning a total area of 6.5 million square feet, from Brookfield Asset Management’s private real estate funds. The assets include the renowned Downtown Powai in Mumbai, covering 2.7 million square feet, and Gurugram’s Candor TechSpace (G1), with a sprawling 3.7 million square feet. The acquisition marks a momentous milestone for BIRET, expanding its operating area by a remarkable 44% to reach a staggering 20.6 million square feet.
The acquisition is set to propel BIRET’s position in the real estate market, with the consolidated gross asset value of the REIT soaring by an impressive 73% to Rs 28,300 crore. The partnership between Brookfield India REIT and GIC not only underscores their commitment to growth and expansion but also solidifies their position as key players in the commercial real estate sector.
The acquired properties hold significant historical value in the real estate market. In 2017, Brookfield Real Estate Fund purchased Downtown Powai from the Hiranandani Group for a staggering $1 billion. With its prime location in Mumbai, the property has been a landmark destination for commercial ventures. Similarly, Candor TechSpace (G1) in Gurugram was acquired by Brookfield Real Estate Fund from Unitech for Rs 3,400 crore in 2015. Known for its modern infrastructure and state-of-the-art facilities, Candor TechSpace (G1) has been a preferred choice for businesses in the region.
With the latest acquisition, BIRET is set to unlock tremendous value and provide lucrative opportunities for investors. The addition of these high-profile properties to BIRET’s portfolio will further solidify its position as a leading player in India’s commercial real estate sector. The transaction highlights the confidence of both Brookfield India REIT and GIC in the long-term growth potential of the Indian market.
The partnership between BIRET and GIC brings together the expertise and financial prowess of two renowned entities. GIC, known for its strategic investments worldwide, has been an active participant in the Indian real estate market, while Brookfield Asset Management is a globally recognized leader in the real estate industry. The collaboration between these powerhouses signifies their shared vision and confidence in the Indian market’s potential for sustained growth.
The acquisition of these commercial assets is a testament to the positive sentiment and increasing demand in India’s real estate sector, particularly in key metropolitan areas like Mumbai and Gurugram. The properties offer prime locations and modern amenities, catering to the evolving needs of businesses in the digital age. The strategic move by BIRET and GIC demonstrates their commitment to meeting the evolving demands of commercial real estate and providing world-class spaces for businesses to thrive.
The successful completion of this transaction sets the stage for further growth and expansion in the Indian commercial real estate market. BIRET and GIC’s partnership serves as a positive signal to other global investors, highlighting the immense potential and opportunities available in India’s thriving real estate sector.
In conclusion, the joint acquisition of these two prestigious commercial assets by Brookfield India REIT and GIC marks a significant milestone in the Indian real estate landscape. The addition of Downtown Powai and Candor TechSpace (G1) to BIRET’s portfolio amplifies their market presence and value proposition. The move not only expands BIRET’s operating area but also strengthens its position as a leading player in India’s commercial real estate market. With the consolidated gross asset value of the REIT soaring, this strategic partnership sets the stage for continued growth and paves the way for further investments in India’s thriving real estate sector.
