28.8 C
Powai
Sunday, July 25, 2021

Buy now

Brookfield to buy Hiranandani’s Powai commercial assets for $1 bn

Real estate major Hiranandan Group is close to selling 4.5 million square feet of prime commercial real estate in the upscale area of Powai to Canada’s Brookfield Asset Management for $1 billion (₹6,700 crore).

 

According to people familiar with the issue an announcement is expected soon. This will be one of the largest deals in India’s commercial real estate space.

 

The Powai assets are housed in a partnership firm between brothers Niranjan and Surendra Hiranandani. The deal is a part of their plan to monetise the office and retail space in Powai amid rising appetite among global investors to invest in India’s commercial real estate. The restructuring was planned to either list the assets via a real estate investment trust (REIT) or to sell the stake to an interested partner.

 

Both Hiranandani and Brookfield haven’t confirmed the deal yet, but the company had indicated earlier that at least 3-4 investors had shown interest in acquiring the assets.

 

According to sources, Brookfield, which has over $240 billion in assets under management, was the front runner in acquiring the assets.

 

Hiranandani’s commercial assets in Powai have been fully leased out and marquee clients include global investment banking group Nomura, Tata Consultancy Services, India’s largest software services firm and consulting firm Deloitte.

 

Rentals in prime business districts in key cities of India have been on an uptrend due to limited supply and high demand from a lot of domestic and foreign funds and private equity firms, who interested in A grade commercial real estate assets in India, say analysts.

 

Brookfield already has presence in India through a real estate fund in joint venture with Peninsula Land, which has invested in several projects across the country. The Canadian asset manager had also acquired a subsidiary of Unitech Corporate Parks in 2014.

Source:http:www.hindustantimes .com/business-news/brookfield-to-buy-hiranandani-s-powai-commercial-plot-for-1-bn/story-I4noWd3OzYshA0dEEbdLSP.html

Related Articles

4 Powai Shops Robbed on 1st day of 2021

Four Powai Shops locks were broken and cash kept in the shops were robbed on the night of 1st January 2021 at...

Board of Forbes approves signing of MoU for sale of Chandivali land for Rs 200 cr

The Board of Forbes & Company at its meeting held on 22 December 2020 has approved entering into Memorandum of Understanding (MOU)...

IIT-Bombay Gears Up For Virtual Avatar Of Its Techfest

AMID the unprecedented turn of events triggered by the pandemic, the IIT-Bombay will hold its annual technology festival - Techfest - on...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

22,043FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

4 Powai Shops Robbed on 1st day of 2021

Four Powai Shops locks were broken and cash kept in the shops were robbed on the night of 1st January 2021 at...

Board of Forbes approves signing of MoU for sale of Chandivali land for Rs 200 cr

The Board of Forbes & Company at its meeting held on 22 December 2020 has approved entering into Memorandum of Understanding (MOU)...

IIT-Bombay Gears Up For Virtual Avatar Of Its Techfest

AMID the unprecedented turn of events triggered by the pandemic, the IIT-Bombay will hold its annual technology festival - Techfest - on...

THE TIMES GROUP EXPANDS ‘FEMINA FLAUNT STUDIO SALON’, Launches Second ‘FEMINA FLAUNT STUDIO SALON’ in Chandivali, Powai

Femina Flaunt - A Hotspot of Global Beauty Trends – Hair, Make-up, Nails & Skin Bennett, Coleman & Co....

Powai-Based College Adopts Maharashtra Govt’s Green Campaign

The climate change mitigation program ‘Majhi Vasundhra’, aimed at encouraging individuals to make a positive impact on the environment, has now been...