Brookfield India Real Estate Trust Expands with Major Bengaluru Acquisition
New Delhi: Brookfield India Real Estate Trust (BIRET) has announced a major acquisition that will significantly expand its business. The company plans to acquire 7.7 million square feet of commercial assets in Bengaluru for Rs 13,125 crore. This transaction will be a related party transaction but will be conducted at arm's length, ensuring transparency and fairness.
In a regulatory filing on Tuesday, the company stated that the Board of Directors of Brookprop Management Services Pvt Ltd, which is the manager of BIRET, approved the acquisition of up to 100 per cent of the issued and paid-up equity share capital of Arliga Ecoworld Business Parks Pvt Ltd. The acquisition price is set at Rs 1,31,250 million from the existing shareholder of Ecoworld SPV. The existing shareholders of Ecoworld SPV are BSREP III New York FDI I (DIFC) Ltd (including its nominee, BSREP III New York II (DIFC) Limited), which are part of the Brookfield group.
Alok Aggarwal, the chief executive officer and managing director of Brookfield India Real Estate Trust, commented on the acquisition: “Building on our strong inorganic growth track record, we announced the proposed acquisition of Ecoworld, which is a 48-acre, 7.7 million square feet office campus located on the Outer Ring Road in Bengaluru. This acquisition will mark our entry into one of India's strongest office markets, expanding the size of our REIT by over 30 per cent and positioning us as a truly pan-India platform.”
The acquisition is expected to enhance BIRET's portfolio and solidify its position in the Indian real estate market. Aggarwal added, “Our embedded growth prospects remain strong with continued leasing momentum, making us well-positioned to deliver value to our unit holders.”
Brookfield India Real Estate Trust currently manages 10 Grade A assets in key cities such as Delhi, Mumbai, Gurugram, Noida, and Kolkata. The company's portfolio consists of 29.1 million square feet of total leasable area, comprising 24.6 million square feet of operating area, 0.6 million square feet of under construction area, and 3.9 million square feet of future development potential.
This strategic move by BIRET is a testament to the company's commitment to growth and expansion in the Indian real estate sector. With the acquisition of the Ecoworld business park, BIRET is set to become a leading player in the commercial real estate market, offering high-quality office spaces in one of the most dynamic and economically vibrant cities in India.
