Canadian company to buy Hiranandani business park in India’s largest property acquisition deal

Local Press Co 5-point Snippet

1. One of the world’s largest property investors, Brookfield Asset Management, is set to acquire the ownership of 4.5 million sq-ft Hiranandani business park by investing $1 billion (approx. 6,700 crore).

2. After the Canada-based company acquires 100% ownership of the business park, which is expected to happen this week, the Rs 6,700 crore deal will make it the single largest commercial property acquisition in India.

3. Hiranandani business park in Powai houses offices of the top Indian and MNC companies, most of which are tenanted office buildings.

4. The new owner of the business park, Brookfield Asset Management, will also be able to reset office rentals as tenancy rights will soon come up for renewal.

5. This is Brookfield’s third property investment in India after taking over AIM-listed Unitech Corporate Parks for over Rs 2,000 crore and Gammon India’s road and power projects.