BENGALURU (Reuters) – Brookfield Asset Management will sell two commercial properties in India to a partnership of its locally listed REIT Brookfield India and Singapore sovereign wealth fund GIC in a deal with an enterprise value of $1.4 billion.
The properties being acquired are in India’s financial capital Mumbai, Maharashtra, and Gurugram, a satellite city of the national capital region.
“We expect growth in the India office sector to continue, driven by an established IT industry, increased focus by global corporations on digital adoption, and the availability of skilled talent,” said Kishore Gotety, co-head of real estate, Asia ex-China, GIC, in a statement
With this acquisition, Brookfield India REIT’s portfolio will expand by 35% in total leasable space and 44% in operating area.
Brookfield India REIT said the deal will increase its gross asset value to $3.5 billion and the net asset value to $2 billion.
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Savio D’Souza and Sohini Goswami)
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