Brookfield Biggest Indian Property Deal

Brookfield Asset Management will buy an Indian developer’s commercial properties for $2 billion, the biggest real estate deal in the South Asian nation. The Canadian asset manager is acquiring 12.5 million square feet of rent-yielding offices and co-working spaces from RMZ Corp., the privately held developer said. RMZ said it plans to expand its real asset portfolio to 85 million square feet over the next six years from 67 million square feet. Some of the clients in RMZ’s technology and business parks include Accenture, Google and HSBC. It is selling properties in the southern Indian cities of Bengaluru and Chennai. Brookfield confirmed that it owns and operates 22 million square feet of office properties in India and has picked banks for an initial public offering of its India real estate investment trust that could raise at least $500 million.