Private Equity

PE-RE Fund Investments

Brookfield REIT, GIC in JV to buy two commercial properties for $1.4 B

Press Release  

Publicly-listed Brookfield India Real Estate Investment Trust (BIRET) and Singapore's sovereign wealth fund GIC have set up a 50:50 joint venture platform to acquire two commercial assets totalling 6.5 million sq ft from Brookfield Asset Management's private equity - real estate (PE-RE) funds in an equal partnership for a combined enterprise value of around USD 1.4 Billion. The properties being sold are Brookfield's Downtown Powai, Mumbai and Candor TechSpace, Sector 48, Gurugram. The transaction will increase the gross asset value of BIRET to USD 3.5 Billion and the net asset value to USD 2 Billion. It will also lead to a 35% increase in total leasable space and a 44% increase in operating area. Morgan Stanley acted as the exclusive financial advisor to Brookfield Asset Management and its funds. BofA Securities acted as the exclusive financial advisor to BIRET. Khaitan & Co and Shardul Amarchand Mangaldas represented Brookfield Asset Management and BIRET as their respective legal counsels