Singapore’s sovereign wealth fund, GIC, has entered into a 50:50 joint venture with Brookfield India REIT to purchase two commercial assets managed by Brookfield Asset Management. The combined value of these assets amounts to $1.4 billion.
The acquisition encompasses properties in Brookfield’s Downtown Powai in Mumbai and Candor TechSpace Sector 48 in Gurugram, covering an impressive 603,870 square metres of commercial space. Both joint venture partners announced this development in a statement released on Thursday.
This collaboration between the Singaporean fund and the Canadian investment giant marks a pioneering partnership in India between a global institutional investor and a listed REIT.
Goh Chin Kiong, Deputy Chief Investment Officer of Real Estate at GIC, expressed satisfaction with the partnership, stating, “We are pleased to partner with Brookfield India REIT, as Brookfield is a leading market player with a strong track record in India. Additionally, this marks our first joint venture with a public REIT in India, allowing us to expand our investments through this avenue. We look forward to creating value for these assets, strategically located in key gateway cities.”
Downtown Powai, situated near Mumbai’s Powai Lake, comprises a portfolio of nine commercial properties distributed across three clusters, encompassing a total of 2.7 million square feet of operational area and 10,000 square metres of expansion space. When the trust went public through a $520 million IPO in 2021, the Kensington office park within Downtown Powai served as the significant seed asset for Brookfield India REIT.
Brookfield acquired the Downtown Powai assets in 2016 through a deal estimated at $1 billion, acquiring commercial space from a developer controlled by billionaire Niranjan Hiranandani and his brother Surendra.
Brookfield India REIT already owns four assets from the Candor TechSpace portfolio in Gurugram, Noida, and Kolkata. In 2014, Brookfield acquired the portfolio for $525 million, purchasing a subsidiary of Unitech Corporate Parks that held 100 per cent of four special economic zones and 60 per cent of two office park developments. The Canadian firm subsequently bought the remaining 40 per cent equity in the last two projects.
Candor TechSpace Sector 48 in Gurugram comprises 12 completed buildings, totalling 3.7 million square feet of the operational area, with a 75 per cent committed occupancy and an average lease expiry of 6.7 years.
The addition of these new properties to Brookfield India REIT’s portfolio will raise the trust’s gross asset value to $3.5 billion and its net asset value to $2 billion. Furthermore, it will result in a 35 per cent increase in total leasable space and a 44 per cent increase in the operating area.
Ankur Gupta, Managing Partner and APAC Head of Real Estate at Brookfield, commented on the strategic move: “Growing and diversifying our India REIT portfolio through value-accretive transactions aligns with our long-term strategy. We are excited about including market-leading properties and the significant increase in the REIT’s size.”
The acquisition of a 50 per cent stake in Brookfield’s assets marks GIC’s latest investment announcement in India, following its recent purchase of an IT office park in Hyderabad for $690 million.
Insiders informed the Economic Times that GIC acquired the tech park, spanning 100,000 square metres in the Gachibowli area, from the Phoenix Group for INR 1,050 crore ($127 million).
The Indian publication also reported last week that real estate major Runwal acquired GIC’s 50 per cent stake in their joint retail property, R City Mall, for INR 1,000 crore ($121.8 million). The exit of the Singaporean fund from the Mumbai shopping centre is said to have yielded a return of over four times its initial investment.
GIC和Brookfield REIT共同成立合资企业，以14亿美元购买印度办公资产
新加坡主权财富基金GIC与Brookfield India REIT形成了一个50:50的合资企业，以购买后者的赞助方Brookfield Asset Management管理的基金持有的两项商业资产，总企业价值为14亿美元。
合作交易包括位于孟买的Brookfield Downtown Powai和古鲁岗的Candor TechSpace Sector 48的物业，总共占地650万平方英尺（603,870平方米）的商业空间，合资伙伴在周四发布的一份新闻稿中表示。
这笔由新加坡基金和加拿大投资巨头进行的交易被认为是印度首个全球机构投资者与上市REIT之间的合作伙伴关系。
GIC房地产副首席投资官吴振强表示：“我们很高兴与Brookfield India REIT合作，因为Brookfield是印度市场的领先参与者，在印度有着良好的业绩记录。此外，这是我们与印度公开REIT的首个合资企业，将使我们能够通过这一渠道扩大投资规模。我们期待为这些位于重要门户城市的资产增加价值。”
扩大规模的资产组合 Downtown Powai位于孟买Powai湖附近，是一个由9个商业物业组成的投资组合，分布在三个聚集区，总共有270万平方英尺的营业面积和10万平方英尺的扩建面积。当Brookfield India REIT在2021年进行5.2亿美元的首次公开募股时，该地区的肯辛顿办公园是该信托基金的重点种子资产。
Brookfield通过2016年的一项交易收购了Downtown Powai的资产，据报道，该公司斥资10亿美元从亿万富翁尼兰·希兰丹尼（Niranjan Hiranandani）及其兄弟苏伦德拉（Surendra）控制的开发商手中购买了商业空间。
Brookfield India REIT已经拥有Candor TechSpace投资组合中古鲁岗、诺伊达和加尔各答的四个资产。Brookfield在2014年以5.25亿美元的价格收购了该投资组合，当时同意支付给Unitech Corporate Parks子公司，后者持有四个特殊经济区的全部股权和两个办公园开发项目的60%股权。该加拿大公司后来买下了后两个项目剩余的40%股权。
Candor TechSpace Sector 48位于古鲁岗，包括12栋已竣工的建筑，总营业面积为370万平方英尺，承租率达到75%，加权平均租赁到期日为6.7年。
Brookfield India REIT的新资产将使信托基金的总资产价值达到35亿美元，净资产价值达到20亿美元，同时使可租用面积增加35%，营业面积增加44%。
Brookfield房地产亚太区合伙人兼区域负责人Ankur Gupta表示：“通过增值交易扩大和多元化我们的印度REIT投资组合是我们的长期战略的一部分。我们对市场领先物业的增加和REIT规模的显著增加感到兴奋。”
在以千万美元计的私密交易中，GIC收购了位于海得拉巴的一座IT办公园，该办公园占地110万平方英尺。据《经济时报》内部人士透露，GIC从凤凰集团手中以105亿卢比（1.27亿美元）的价格收购了该技术园区.
这家印度报纸上周还报道称，地产巨头Runwal以10亿卢比（1.218亿美元）的价格从GIC手中买下了他们合资零售物业R City Mall的全部50%股权。据说，这家新加坡基金从孟买购物中心的退出获得了4倍以上的回报。
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