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Brookfield fund to acquire Indian property portfolio for 39.5B rupees

Brookfield Asset Management Inc. agreed to buy four hotels and a property in the city of Agra, India, from Indian hotelier Hotel Leelaventure Ltd. for 39.50 billion rupees.

The deal was reached between the hotelier and Brookfield's private real estate fund BSREP 111 India Ballet Pte. Ltd. March 18, and involves the transfer of the Leela brand as well.

The deal, subject to shareholder approval, also involves the management contracts of the hotels, which are in Bangalore, Chennai, Delhi, and Udaipur cities.

JM Financial Ltd. was the exclusive financial adviser to Leelaventure for the transaction.

As of March 15, US$1 was equivalent to about 68.99 Indian rupees.