Brookfield Corp Sells 5.13% Unit Holding in BIRET for Rs 883 Crore Through Open Market Transactions

Brookfield Corp, based in the US, recently sold a 5.13% stake in Brookfield India Real Estate Trust (BIRET) for Rs 883 crore via open market transactions. According to BSE bulk deal data, Brookfield's affiliates, BSREP India Office Holdings Pte and BSREP India Office Holdings IV Pte, sold approximately 3.12 crore units of the Mumbai-based REIT at prices ranging from Rs 283 to Rs 283.04 per unit.

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Investment Details and Market Impact

The total value of this transaction reached Rs 883 crore. Meanwhile, 360 ONE Portfolio Managers and 360 ONE Prime acquired 1.18 crore units, representing a 1.94% stake in BIRET. They purchased these units at an average price of Rs 283 each, amounting to a deal worth Rs 333.94 crore. The identities of other buyers remain undisclosed on the exchange.

Brookfield India Real Estate Trust is fully managed institutionally and sponsored by Brookfield Asset Management, a leading global alternative asset manager. On the same day as the transaction, BIRET's units decreased by 0.33%, closing at Rs 291.94 per unit on the BSE.

Financial Performance and Portfolio Overview

In January, Brookfield India Real Estate Trust announced an 11% rise in adjusted net operating income to Rs 503.7 crore for the quarter ending December 2024. Over the April-December period of this fiscal year, its adjusted net operating income surged by 40% year-on-year to Rs 1,464.3 crore from Rs 1,045.4 crore in the previous year.

Brookfield India REIT oversees ten Grade A assets located in Delhi, Mumbai, Gurugram, Noida, and Kolkata. The portfolio encompasses a total leasable area of 289 lakh sq ft, which includes 243 lakh sq ft of operational space, 6 lakh sq ft under construction, and an additional 4 lakh sq ft earmarked for future development.

This strategic divestment highlights Brookfield's ongoing efforts to optimise its investment portfolio while maintaining a strong presence in India's real estate market through its managed assets and future development plans.