Brookfield India Real Estate Trust (BIRET) and Prime Offices Fund have signed binding agreements to acquire office space in Mumbai's Bandra-Kurla Complex (BKC) for an enterprise value of ₹1,700 crore. The deal covers 264,000 square feet of Grade A office space spread across three contiguous floors in BKC's G Block, according to livemint.com.
The acquisition will be made in an equal partnership between BIRET and Prime Offices Fund, a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW). The office space is being acquired from Brookfield's private real estate fund, which will continue to oversee and manage the property, the companies said in a joint statement reported by livemint.com.
This transaction highlights continued investor interest in Mumbai's prime commercial real estate, especially in the Bandra-Kurla Complex, a key business district. The deal adds to the growing portfolio of Brookfield Reit, which has been actively expanding its holdings in India’s office space market. Comparable deals in the sector have also seen significant activity, reflecting strong demand for Grade A office assets in major urban centers, as noted by livemint.com.
The acquisition is expected to close following regulatory approvals and customary closing conditions. The 264,000 sq ft office space in BKC will be jointly owned and managed by BIRET and Prime Offices Fund, with Brookfield continuing property management duties, livemint.com reported.