Brookfield India REIT to Buy 7.7 Mn Sq Ft Bengaluru Park for ₹13,000 Crore.

Brookfield India Real Estate Trust (BIRET) recently announced plans to acquire 7.7 million sq ft of commercial properties in Bengaluru for ₹13,125 crore as part of its expansion strategy.

The deal is categorized as a related-party transaction but is proposed to be executed on an arm’s-length basis, the company said.

In a regulatory filing, BIRET said the Board of Directors of its manager, Brookprop Management Services Pvt Ltd, approved the acquisition of up to 100% of the issued and paid-up equity share capital of Arliga Ecoworld Business Parks Pvt Ltd. The acquisition will be made at a price of ₹13,125 crore from the existing shareholder of the Ecoworld SPV.