Brookfield may acquire 50% stake in RMZ Corp for about Rs 5,600 crore – ET RealEstate

BENGALURU: Brookfield Asset Management, the Canadian alternative investment firm, is said to be planning to invest $500-800 million (Rs 4,000-5,600 crore) in RMZ Corp to buy up to 50% stake in the Bengaluru-based developer’s business parks, people familiar with the matter said.

RMZ is expected to create a special purpose vehicle (SPV) to house about 10 business parks across Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR.

Brookfield will pick a 30-50% stake in this SPV. The Canadian company, sources said, has already entered into a 90-day lock-in period, where it will do the due diligence.

Most of the parks will be from Bengaluru, but the deal is likely to leave out Ecospace, the company’s flagship park.

The deal will help RMZ pare its near-term debt of Rs 3,200 crore. Brookfield had no comments to offer, while RMZ said it does not comment on market speculation.



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Brookfield sole bidder for Jet Airways’ office in BKC – ET RealEstate

MUMBAI: Global asset management firm, Brookfield Asset Management emerged as the sole bidder in the e-auction of two floors of office space belonging to Jet Airways in the Godrej BKC building at Bandra-Kurla Complex on Friday, offering the base price of Rs 490 crore, real estate industry sources said.

“Yes, Brookfield has made the sole bid at the base price,” said a source closely associated with the auction, refusing to give more details.

Brookfield Asset Management owns, develops and manages 282 office properties and 138 million sqft of commercial space globally.

The Jet Airways office on the third and fourth floors, measuring 1,69,843 sqft, of Godrej BKC went under the hammer after the National Company Law Tribunal gave its approval for auctioning immovable assets of the airline on June 11. The reserve price was fixed at Rs 490 crore.

Godrej BKC is developed by Godrej Property Ltd on Jet Airways land, and the two floors were mortgaged to HDFC.

Real estate sources told Mirror that a leading private bank and a real estate fund of a listed developer were the other contenders who had made enquiries regarding the property.

Mirror had on June 19 reported that the auction had piqued the interest of prominent corporate entities and the reserve price translated into a rate of Rs 28,900/sqft, which was 25 per cent lower than the last big market transaction at Bandra-Kurla Complex, which closed at the rate of Rs 36,500/sqft.

Brookfield Asset Management could not be contacted for a comment.



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