In one of the largest transactions in the commercial real estate segment in the country this year, Canada-based Brookfield Asset Management has agreed to buy nearly 4 million sq ft of office and retail assets of the Hiranandani Group in the Mumbai suburb of Powai for a deal that will be close to $1 billion, according to sources familiar with the development.
In one of the largest transactions in the commercial real estate segment in the country this year, Canada-based Brookfield Asset Management has agreed to buy nearly 4 million sq ft of office and retail assets of the Hiranandani Group in the Mumbai suburb of Powai for a deal that will be close to $1 billion, according to sources familiar with the development.
It is understood that the group is in the midst of structuring the assets that are in partnership between brothers Niranjan and Surendra Hiranandani, after which the formal announcement of the deal will be made.
“The company is structuring the assets under one entity, since they are in different partnership firms, so that they can be taken over by Brookfield,” a person with knowledge of the development told FE.
These commercial assets, which are fully leased, house offices of multinational corporations, IT firms and financial institutions.
Source : financialexpress.com
