Brookfield is buying Hiranandani’s office space for a whopping $1 billion

Canada-based Brookfield Asset Management is buying Hiranandini Group's office and retail space in Powai in Mumbai for around $1 billion, or about Rs 6,700 crore. This is one of the biggest deals in Indian realty space.

Hiranandani Group, an organization between Hiranandani siblings Niranjan and Surendra, has office space sprawling over 4.5 million square feet in Powai, which is developed over 10 years.

As per various reports, the move is being seen as a forerunner to either posting of a Real Estate Investment Trust that would hold the office assets or stake deal.

Niranjan Hiranandani's daughter Priya Vandrevala, according to reports, had recently moved the Delhi High Court against her father and her brother Darshan Hiranandani to restrain them from diluting their stake in the partnership firm.

Hiranandani's Powai workplaces are completely rented and huge occupants incorporate Tata Consultancy Services, Nomura Group and Deloitte Consulting India.

Brookfield Asset Management, a worldwide alternative supervisor, has been dynamic in India lately. In 2014, it procured 100% stake in four exceptional monetary zones possessed by Unitech Corporate Parks (UCP) and 60% stake in its two different resources in the nation for Rs 3,500 crore. It had purchased the whole stake of Candor Investments, a backup of London Stock Exchange-recorded India-centered realty venture firm UCP. Along these lines, it went ahead to secure the staying 40% in the two different properties. Outside financial specialists' voracity for Indian land is on the ascent attributable to generally better monetary development and hence returns. Sovereign assets, benefits assets and expansive open organizations have been entering the business sector through acquisitions.

Institutional investors including Blackstone Group, Singapore's sovereign fund GIC, Canada Pension Plan Investment Board (CPPIB), Goldman Sachs and Qatar Investment Authority have been investing in Indian realty assets for the last few years. The country witnessed around $2.3 billion, or about Rs 15,000 crore, poured into the sector by foreign private equity firms in the year 2015, as per a Knight Frank estimate.
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