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Brookfield India REIT, GIC forge first-of-its-kind partnership in India
Brookfield India REIT (BIRET) and GIC have plans to acquire 6.5 million square feet of commercial assets from Brookfield Asset Management’s private real estate funds in an equal partnership. The two large commercial properties represent a combined enterprise value of $1.4 billion.
The assets are in Brookfield’s Downtown Powai, Mumbai and Candor TechSpace, Sector 48, Gurugram (G1).
This marks the first-of-its-kind partnership in India between a listed REIT and a global institutional investor.
“We expect growth in the India office sector to continue, driven by an established IT industry, increased focus by global corporations on digital adoption and the availability of skilled talent,” said Kishore Gotety, co-head of real estate, Asia (excluding China) at GIC. “These acquisitions are testament to our confidence in the India office sector, as well as the wider Indian market, and will add to the diversification of GIC’s global office portfolio.”