Daijiworld Media Network – Bengaluru

Bengaluru, Nov 5: Brookfield India Real Estate Trust (BIRET) on Tuesday announced its plan to acquire 7.7 million sq ft of premium commercial assets in Bengaluru for Rs 13,125 crore, marking a major expansion of its real estate portfolio.

In a regulatory filing, the company stated that the Board of Directors of Brookprop Management Services Pvt Ltd — the manager of BIRET — approved the acquisition of up to 100 per cent of the equity share capital of Arliga Ecoworld Business Parks Pvt Ltd at an acquisition price of Rs 1,31,250 million. The purchase will be executed from the existing shareholders of Ecoworld SPV, BSREP III New York FDI I (DIFC) Ltd and its nominee, both part of the Brookfield group.

The proposed acquisition, falling under the category of a related party transaction, will be carried out on an arm’s length basis, the company clarified.

Highlighting the strategic significance of the move, Alok Aggarwal, CEO and Managing Director of Brookfield India Real Estate Trust, said, “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.”

He further added that the REIT’s growth prospects remain robust with “continued leasing momentum” and assured that the acquisition will “deliver long-term value to unit holders.”

BIRET currently manages 10 Grade A office properties across Delhi, Mumbai, Gurugram, Noida, and Kolkata. Its portfolio includes 29.1 million sq ft of total leasable area, comprising 24.6 million sq ft of operational assets, 0.6 million sq ft under construction, and 3.9 million sq ft earmarked for future development.