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Brookfield India REIT (BIRET) and GIC today announced 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 c.US$1.4 billion.
This marks the first-of-its-kind partnership in India between a listed REIT and a global institutional investor.
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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