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The board of directors or Bookprop Management Service has allotted over 16.82 million units of Brookfield India Real Estate Trust, India’s only institutionally managed public commercial real estate vehicle, to third party investors.
The units, which were priced at ₹294.25 a piece aggregating to ₹494.98 crore, were allotted on a preferential basis to HDFC Life Insurance Company, Housing Development Finance Corporation and State Bank of India.
The issuance of the units follows the approval for allotment by the board of Brookprop Management Services at its meeting held on December 17, 2021.
In December Brookfield had announced the purchase of 100 per cent stake in Seaview Developers (SDPL Noida) which owns Candor TechSpace N2 for a total acquisition price of ₹3,970 crore.
It had simultaneously announced that the acquisition will be funded through a combination of preferential issue of ₹950 crore and a property level debt issue of ₹2,910 crore.
Candor TechSpace N2 is the largest office park in Noida, Delhi NCR with a total leasable area of 4.5 msf. It is 90 per cent (by value) operational.
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