Brookfield India Real Estate Trust (BIRET) has already declared that it will purchase 7.7 million square feet of commercial property in Bengaluru at a 13,125 crore price, one of its significant moves in the business expansion plan.

Strategic Growth with Bengaluru Acquisition.

On November 4, in a regulatory filing, BIRET disclosed that the board, acting in Brookprop Management Services Pvt Ltd which manages BIRET, has passed the resolutions of acquiring up to 100 percent equity share capital in Arliga Ecoworld Business Parks Pvt Ltd. The deal, which is worth 1,31, 250 million, will be conducted on an arms length basis as a related-party transaction.

Under this agreement, the current shareholders of Ecoworld SPV, i.e. BSREP III New York FDI I (DIFC) Ltd, and its nominee BSREP III New York FDI II (DIFC) Ltd, which are all members of the Brookfield Group, will dispose of their interests.

Penetration in Bengaluru Prime Office Market.

According to Alok Aggarwal, the CEO and Managing Director of Brookfield India Real Estate Trust, the acquisition is a major step to the company.

On the back of our good inorganic growth track record, we declared the proposed acquisition of Ecoworld, a 48 acre, 7.7 million square feet office campus, in Bengaluru on the Outer Ring road.

He also highlighted that this acquisition will make BIRET have a portfolio of more than 30 percent and it will be a pan-India environment that has a robust footprint in one of the most solid markets in India in terms of offices.

Enhancing Expansion Opportunities.

Aggarwal observed that the inherent growth opportunities, which BIRET has, are strong because of the continuous leasing momentum and the strong demand of Grade A office spaces. He said this acquisition supports the trust in providing the unit holders with a sustainable value.

Current Portfolio and Scale.

Brookfield India REIT has been operating 10 Grade A properties in Delhi, Mumbai, Gurugram, Noida and Kolkata. It has current portfolio of 29.1 million total leasable area, 24.6 million sq ft operational properties, 0.6 million sq ft under construction and 3.9 million sq ft under future development.

The addition of the Ecoworld will give BIRET an added advantage as one of the most successful commercial real estate players in India, as the city of Bengaluru is enjoying a boom in the corporate world

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