Brookfield India Expands with Bengaluru Acquisition

Brookfield India Real Estate Trust (BIRET) is set to buy 7.7 million sq ft of office space in Bengaluru for Rs 13,125 crore. This acquisition signifies BIRET's entry into Bengaluru's market, enhancing its portfolio by over 30% and fortifying its position as a pan-India platform.

Brookfield India Real Estate Trust (BIRET) is making a significant move by acquiring 7.7 million square feet of commercial space in Bengaluru, valued at Rs 13,125 crore. This expansion reflects the company's strategy to broaden its business footprint.

The acquisition, classified as a related party transaction, will be conducted at an arm's length basis, as stated by the company. The Board of Brookprop Management Services Pvt Ltd, BIRET's managing entity, has green-lighted the purchase of Ecoworld Business Parks Pvt Ltd's equity from its current shareholders within the Brookfield group.

Alok Aggarwal, CEO of BIRET, highlighted the strategic importance of entering Bengaluru's robust office market. The acquisition amplifies the REIT's scale by 30%, bolstering its pan-Indian presence. With a strong leasing momentum, BIRET's growth outlook remains bright, positioning it to deliver substantial value to unit holders.