Brookfield India REIT, Singapore's GIC to buy India assets for $1.4 bln (updated)

Brookfield India Real Estate Trust

19/05/2023 08:24

(Adds background, details)
       BENGALURU, May 19 (Reuters) - Brookfield Asset
Management  BAM.TO  will sell two commercial properties in India
to a partnership of its locally listed REIT Brookfield India
 BROF.NS  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)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))