SINGAPORE/MUMBAI, 18 May 2023 – 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.
Goh Chin Kiong, Deputy Chief Investment Officer of Real Estate, GIC, said, “We are pleased to partner Brookfield India REIT as Brookfield is a leading market player with a strong track record in India. In addition, this marks our first joint venture with a public REIT in India and will allow us to scale up our investments through this avenue. We look forward to adding value to the assets, which are well-located within key gateway cities.”
Kishore Gotety, Co-Head of Real Estate, Asia ex-China, GIC, added, “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. These acquisitions are testament to our confidence in the India office sector, as well as the wider Indian market, and will add to the diversification of GIC’s global office portfolio.”
Ankur Gupta, Managing Partner, Head of Real Estate, APAC region, Brookfield, said, “Growing and diversifying our India REIT portfolio via accretive transactions is part of our long-term strategy. We are excited about the addition of market leading properties and the meaningful increase in size of the REIT. This unique partnership furthers our global partnership with GIC in India and reaffirms the quality of the portfolio we’ve built in the country.”
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.