Gic: Brookfield REIT, GIC buy assets worth $1.4bn

NEW DELHI: Brookfield India REIT (BIRET) and Singapore’s sovereign wealth fund GIC, have acquired two commercial assets of 6.5 million sq ft for Rs 11,225 crore ($1.4 billion) from Brookfield Asset Management’s private real estate funds in an equal partnership. The acquisition includes commercial properties in Brookfield’s Downtown Powai in Mumbai of 2.7 million sq ft and Candor TechSpace (G1) in Gurugram of 3.7 million sq ft.
These deals will increase BIRET’s operating area by 44% to 20.6 million sq ft. The transactions will increase the consolidated gross asset value of REIT by 73% to Rs 28,300 crore. Brookfield Real Estate Fund had bought Downtown Powai from Hiranandani Group for $1 billion in 2017 and Candor TechSpace (G1) from Unitech for Rs 3,400 crore in 2015.

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