Brookfield Asset Management Inc. is in exclusive discussions with the Essar Group to buy the Indian conglomerate's Equinox Business Park in the Bandra-Kurla Complex in Mumbai, Livemint reported, citing two people with knowledge of the matter.
An exclusivity agreement has already been signed by the two companies, with talks and due diligence currently ongoing for the deal, said one of the sources cited by the publication.
According to the news outlet, Essar has been holding talks with possible buyers since November to divest the business park, following a 24.00 billion-Indian-rupee deal with RMZ Corp. that fell through. An undisclosed official said the two parties were not able to agree on the final terms of the transaction, and Raj Menda, RMZ's corporate chairman, gave the green light for Essar to sell the asset if it manages to reach a deal with another buyer, the Dec. 13 report noted.
The 1.25-million-square-foot Equinox Business Park comprises four commercial buildings and other facilities. Essar's subsidiary, Equinox Realty Holding Ltd., developed the property.
In Australia, the Canadian asset manager signed up National Australia Bank for a 12-year lease on its A$800 million 405 Bourke Street development project in Melbourne, just as ISPT agreed to acquire a half-stake in the building, after talks were reportedly first held over the asset in May.
ISPT owns the 500 Bourke Street asset, which the bank currently occupies until its lease expires in 2020.
The Australian reported Dec. 13, that the bank will lease a minimum of 43,000 square meters out of the available 66,000 square meters of office space in the 39-floor tower. The report noted that the agreement comes with an option for the bank to expand its area to take over all the available office floors if the need for more space arises.
The bank's lease will start in 2021, with the building scheduled to be completed in the first quarter of 2021.
As of Dec. 12, US$1 was equivalent to 64.56 Indian rupees.
