Brookfield India REIT to acquire Noida office park for Rs.3,970-Cr

Brookfield India Real Estate Trust (Brookfield India REIT) is to acquire a 100% stake in Seaview Developers Pvt Ltd (SDPL Noida), which owns office park Candor TechSpace N2, for INR 3,970 crore. The acquisition will be financed through a combination of preferential issue of INR 950 crore at a price of INR 294.25 per unit, and a property level debt issue of INR 2,910 crore at 6.78% per annum. Under the preferential issue, INR 495 crore worth shares will be allotted to third party investors (HDFC Life Insurance, HDFC Ltd and SBI), and INR 455 crore worth shares to Brookfield Group. The company has exercised its right to acquire SDPL Noida, and consequently Candor TechSpace N2, one of its identified pipeline assets and the largest office park in Noida with 4.5 msf gross leasable area. N2 is leased to multinational tenants such as Samsung, Sopra Steria, Telus International and Qualcomm.