NEW DELHI: Brookfield India Real Estate Trust (BIRET) announced plans on Tuesday to acquire 7.7 million sq ft of commercial properties in Bengaluru for Rs 13,125 crore as part of its business expansion.
The acquisition will be treated as a related party transaction and is expected to be conducted at arm’s length, as stated by the company.
In its regulatory filing, BIRET disclosed that the Board of Directors of Brookprop Management Services Pvt Ltd, the trust’s manager, approved the acquisition of up to 100% of the issued and paid-up equity share capital of Arliga Ecoworld Business Parks Pvt Ltd for Rs 1,31,250 million from Ecoworld SPV’s current shareholders.
The current shareholders of Ecoworld SPV include BSREP III New York FDI I (DIFC) Ltd, along with its nominee, BSREP III New York II (DIFC) Limited, both part of the Brookfield group.
“Building on our robust inorganic growth track record, we are excited to announce the Ecoworld acquisition, which encompasses a 48-acre office campus totaling 7.7 million square feet on the Outer Ring Road in Bengaluru,” said Alok Aggarwal, CEO and Managing Director of BIRET.
“This acquisition will help us enter one of India’s premier office markets, increasing the size of our REIT by over 30% and establishing us as a truly pan-India platform. Our growth potential remains promising with ongoing leasing momentum, placing us in an excellent position to deliver value to our unit holders,” he added.
BIRET is currently managing 10 Grade A assets across Delhi, Mumbai, Gurugram, Noida, and Kolkata.
The Brookfield India REIT portfolio boasts 29.1 million square feet of total leasable area, which includes 24.6 million square feet of operational space, 0.6 million square feet under construction, and 3.9 million square feet designated for future development.
