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Brookfield India Real Estate Trust (Brookfield India REIT) on Saturday announced that it has agreed to purchase 100 per cent stake in Seaview Developers (SDPL Noida), which owns Candor TechSpace N2, for a total acquisition price of ₹3,970 crore.
The institutionally managed public commercial real estate vehicle, in a statement, said the acquisition will be financed through a combination of preferential issue of ₹950 crore at a price of ₹294.25 per unit, and a property level debt issue of ₹2,910 crore at 6.78 per cent per annum.
The preferential issue amounting to ₹495 crore will be allotted to third party investors and ₹455 crore will be allotted to Brookfield Group, according to the statement.
Preferential issue
Brookfield India REIT will issue the units to Brookfield Group, HDFC Life Insurance, Housing Development Finance Corporation and State Bank of India via a preferential issue subject to unitholder and stock exchange approvals, it added.
Alok Aggarwal, Chief Executive Officer, Brookprop Management Services Private said, “With this acquisition, our operating area increases by 35 per cent to 18.6 million square feet and the gross asset value increases by 34 per cent to ₹15,600 crore.”
The acquisition and the funding are subject to unitholder and regulatory approvals.
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