Brookfield Asset Management bought office and retail assets in Mumbai for around US$1 billion, The Economic Times of India reported.
The properties were acquired from Hiranandani Group in what is reportedly India's largest commercial property deal. A source was quoted as saying that the agreement was signed Oct. 6, and the properties will be injected into a special purpose vehicle. Completion of the transfer is expected to take up to six months.
The publication said that a spokesperson from Hiranandani confirmed the transaction.
The properties in the portfolio are located in Powai and span approximately 4.5 million square feet. The offices are fully leased to tenants including Tata Consultancy Services, Nomura Group and Deloitte Consulting India, the Oct. 7 report said.
A source told the publication that the Canadian group's investment in India could be part of a plan to list a REIT, and the rental assets in the Hiranandani portfolio will be part of the trust. The source added that Brookfield plans to add more income-producing assets in the portfolio.