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Brookfield India Real Estate Trust forms strategic partnership with GIC

19 May 2023 Evaluate

Brookfield India Real Estate Trust (BIRET) has formed strategic partnership with GIC to 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.$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 $3.5 billion and the net asset value to $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. 

The Brookfield REIT is India’s only institutionally managed public commercial real estate vehicle. Sponsored by an affiliate of Brookfield Asset Management (BAM), one of the world’s largest alternative asset managers. 

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