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Brookfield India Real Estate Trust (BIRET) and NCW’s Prime Offices Fund have entered into binding agreements to jointly acquire 2.64 lakh square feet of institutional-quality office space in Mumbai’s Bandra-Kurla Complex (BKC) for an enterprise value of INR 1,700 crore. The property comprises three contiguous office floors and will be acquired from a Brookfield private real estate fund through an equal partnership. The transaction adds another Mumbai office asset to BIRET’s portfolio, while expanding the presence of NCW’s Prime Offices Fund in India’s institutional office market.
Brookfield India Real Estate Trust (BIRET) and NCW’s Prime Offices Fund have signed binding agreements to acquire 2,64,000 square feet of office space at Bandra-Kurla Complex (BKC) in Mumbai for an enterprise value of INR 1,700 crore.
The office space is described as institutional-quality and comprises three contiguous office floors. The asset will be acquired from a Brookfield private real estate fund through an equal partnership between BIRET and NCW’s Prime Offices Fund.
The transaction gives the two investment platforms a joint presence in BKC, one of Mumbai’s established commercial office districts. The location is home to major corporate offices, financial institutions and other large occupiers, making it one of the city’s key Grade A office markets.
NCW’s Prime Offices Fund is a commercial real estate-focused fund managed through NCW, the joint venture between Nuvama Asset Management and Cushman & Wakefield Management Pvt Ltd. The fund was established to invest in institutional-quality commercial office assets across major Indian markets.
The Prime Offices Fund has been expanding its office portfolio across key cities. It acquired a 2.4 million square feet office campus in Porur, Chennai, from Singapore-based Keppel in a transaction valued at about INR 2,550 crore. The fund has also expanded into Pune with the acquisition of an office asset in Kharadi.
The fund has since reached a final close of around INR 4,000 crore, exceeding its original target of INR 3,000 crore. It had committed around 45% of its capital and built a portfolio of nearly 4 million square feet across key office markets, with more than 70 occupiers.
For BIRET, the BKC acquisition adds to a portfolio of Grade A commercial assets across major Indian office markets. The REIT manages 11 Grade A assets spread across Delhi, Mumbai, Bengaluru, Gurugram, Noida and Kolkata.
Its portfolio has a total leasable area of about 37.2 million square feet, of which around 32.6 million square feet is operating area. The addition of the BKC property further strengthens its exposure to Mumbai’s commercial office market.
The transaction also comes at a time when institutional investors and real estate funds are continuing to focus on high-quality office assets in major Indian cities. The expansion of global capability centres, large corporate occupiers and demand for well-located Grade A workplaces has supported investment interest in the office sector. NCW’s recent acquisitions across Chennai and Pune also indicate its strategy of building a diversified office portfolio rather than concentrating on a single market.
The BKC acquisition is therefore structured as a partnership between two institutional platforms, with the 2.64 lakh square feet property being added through an equal ownership arrangement. The enterprise value of INR 1,700 crore makes it a sizeable office transaction in Mumbai and adds another institutional-quality asset to both investors’ commercial real estate portfolios.
Source PTI
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