$1 bn for Powai biz park |
Brookfield Asset Management, one of the world`s largest property and infrastructure investors, is set to buy the commercial real estate assets, mostly tenanted office buildings, of Hiranandani Developers in Powai near Mumbai for $1 billion (approx Rs 6,700 crore). The Canadian asset manager is weeks away from acquiring 100% ownership of the 4.5 million-sq-ft business park, making it the single largest commercial property acquisition in the country. The Rs 6,700-crore deal would help brothers Niranjan and Surendra Hiranandani monetize their marquee commercial assets, riding on the global investor appetite to own office properties with stable yields in Asia`s third-largest economy. Brookfield pipped other potential suitors (Canadian Pension Plan In vestment Board and Blackstone) with an aggressive offer to chase down its third Indian buyout deal, after snapping up Unitech Corporate Parks and Gammon`s road and power assets.The Union government recently moved to provide tax clarity in setting up REITs, as sought by the global investors, bringing more buoyancy to the commercial real estate market. Bulge-bracket investors such as Blackstone, Qatar Investment Authority, Goldman Sachs and GIC of Singapore are among those bulking up their Indian office space portfolio in recent years.
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