Brookfield India Real Estate Trust (BIRET) announced on Tuesday its intention to acquire 7.7 million square feet of commercial properties in Bengaluru for Rs 13,125 crore as part of its business expansion plans.
This transaction will be classified as a related party transaction and is intended to be conducted on an arm's length basis, according to the company.
In a regulatory filing made on Tuesday, the company disclosed that the Board of Directors of Brookprop Management Services Pvt Ltd, which manages BIRET, has approved the acquisition of up to 100 percent of the issued and paid-up equity share capital of Arliga Ecoworld Business Parks Pvt Ltd at a purchase price of Rs 1,31,250 million from the current shareholder of Ecoworld SPV.
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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), which are part of the Brookfield group.
"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," said Alok Aggarwal, the chief executive officer and managing director of Brookfield India Real Estate Trust.
"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.
"Our embedded growth prospects remain strong with continued leasing momentum, making us well-positioned to deliver value to our unit holders," he added.
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