Brookfield India REIT, Singapore's GIC to buy India assets for $1.4 billion

BENGALURU: Brookfield Asset Management will sell two commercial properties in India to a partnership of its locally listed REIT Brookfield India and Singapore sovereign wealth fund GIC in a deal with an enterprise value of $1.4 billion.

The properties being acquired are in India's financial capital Mumbai, Maharashtra, and Gurugram, a Satellite city of the national capital region.

With this acquisition, Brookfield India REIT's portfolio will expand by 35% in total leasable space and 44% in the operating area.

Brookfield India REIT said the deal will increase its gross asset value to $3.5 billion and the net asset value to $2 billion.