Canadian Property Management Fund Brookfield is looking to sell three of the company's assets in Mumbai and Gurugram. The properties are said to be collectively worth USD 2 billion. The company intends to sell only a portion of these assets to outside investors and the remaining half to its publicly traded Brookfield REIT. Earlier this year the Brookfield REIT reported a forty eight percent rise in income to 240 crore rupees for the quarter ending September. Its net operating income stood at 162 crore rupees for the same period last fiscal year.
International property management fund Brookfield, that runs the Brookfield India Real Estate Trust (Brookfield REIT) in India is looking to sell three of the company's assets in Mumbai and Gurugram. The properties are said to be collectively worth USD 2 billion. The company intends to sell only a portion of these assets to outside investors and the remaining half to its publicly traded Brookfield REIT.
The sale is a component of Brookfield's call option and right of first offer (ROFO) property strategies which it refers to as ‘identified assets.’ Two 8.3 million square foot call option properties owned by Brookfield India REIT are Candor Techspace G1 in Gurugram and Candor Techspace in Noida. Both were purchased in 2014 from Unitech Corporate Parks. Properties with a "call" option would be purchased at a specific price in the future. ROFO denotes that the sponsor-owned assets must be offered to the REIT first and will be sold to a third party if the REIT shareholders reject the offer.
The Brookfield REIT raised over Rs 3,800 crore during its initial IPO before being listed on the NSE & BSE in the year 2021. Earlier this year the REIT reported a forty eight percent rise in income to 240 crore rupees for the quarter ending September. Its net operating income stood at 162 crore rupees for the same period last fiscal year.
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