Brookefield to buy assets

Real estate major Hiranandan Group is close to selling 4.5 million square feet of prime commercial real estate in the upscale area of Powai to Canada’s Brookfield Asset Management for $1 billion (?6,700 crore). The Powai assets are housed in a partnership firm between brothers Niranjan and Surendra Hiranandani. The deal is a part of their plan to monetise the office and retail space in Powai amid rising appetite among global investors to invest in India’s commercial real estate. The restructuring was planned to either list the assets via a real estate investment trust (REIT) or to sell the stake to an interested partner. Hiranandani’s commercial assets in Powai have been fully leased out and marquee clients include global investment banking group Nomura, Tata Consultancy Services, India’s largest software services firm and consulting firm Deloitte.