Brookfield India REIT enters acquisition mode

Brookfield India REIT enters acquisition mode

Brookfield India Real Estate Trust will acquire 100 per cent stake in Seaview Developers Private Limited, which owns Candor TechSpace N2, for a total acquisition price of Rs 3,970 crore.
The acquisition will be financed through a combination of preferential issue of Rs 950 crore at a price of Rs 294.25 per unit, and a property level debt issue of Rs 2910 crore at 6.78% per annum. The preferential issue of Rs 495 crore will be allotted to third party investors and Rs 455 crore will be allotted to Brookfield Group. The acquisition and the funding are subject to unitholder and regulatory approvals.
The company has adopted a strategy of growing REIT through accretive acquisitions.
With this acquisition, Brookfield’s operating area increases 35% to 18.6 msf and the gross asset value is up 34% to Rs 15,600 crore.

Candor TechSpace N2 is an irreplaceable property with best-in-class tenancy. The campus is almost complete at a 100% effective economic occupancy. It is poised for strong organic growth with contracted escalations, attractive 15% mark-to-market potential and 0.8 msf of on-campus development potential.
Candor TechSpace N2, an office park in Noida, spans 29.65 acres with 4.5 msf gross leasable area.It includes 13 operating buildings with 3.6 msf of operational area, one under construction building of 0.2 msf and a further development potential of 0.8 msf. Located within the Noida-Greater Noida Expressway micro-market, a fast-growing office cluster of Noida, the office campus has an 83% committed occupancy, an 8.5 year WALE and a 15% mark-to-market potential.

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