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Canadian Giant Brookfield To Buy RMZ Corp’s Commercial Assets For $2 Bn; To Be The Biggest Indian Property Deal Yet
Brookfield Asset Management
India is set to witness its largest real estate deal yet, with Canadian assent manager Brookfield Asset Management buying Indian developer RMZ Corp's commercial properties in $2 billion transaction, reports Business Standard.
The transaction will see Brookfield takeover 12.5 million square feet of rent-yielding offices and co-working spaces, while RMZ Corp will end up becoming a zero debt real estate developer.
The latter plans to use the funds generated to expand its portfolio thereafter, from 67 million square feet in the present, to 85 million square feet over the next six years. Some of the clients in RMZ Corp’s technology and business parks include Accenture, Google and HSBC.
Brookfield has bet big on the Indian prospects over the recent years. It has invested vast sums of money in Indian assets, and presently owns and operates 22 million square feet of office properties across the country.
Furthermore, Brookfield has also engaged banks to prepare for an initial public offering of its real estate investment trust which could help it generate at least $500 million from the Indian investors.
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