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<ul><li><keyword id="11681444" type="UNKNOWN" weightage="20" keywordseo="space-teleinfra">Space Teleinfra</keyword> is a shared <keyword id="35104" type="ORGANIZATION" weightage="20" keywordseo="telecom-infrastructure">telecom infrastructure</keyword> provider for <keyword id="11682648" type="UNKNOWN" weightage="20" keywordseo="voice-and-data-connectivity">voice and data connectivity</keyword>.</li><li>The transaction is funded through a combination of cash and units of <keyword id="11682646" type="UNKNOWN" weightage="20" keywordseo="tower-infrastructure-investment-trusts">Tower Infrastructure Investment Trusts</keyword> (InvITs).</li><li>The acquisition is customary to regulatory approvals and is expected to close in the second half of 2021.</li></ul> Brookfield-backed <keyword id="7887323" type="UNKNOWN" weightage="20" keywordseo="tower-infrastructure-trust">Tower Infrastructure Trust</keyword> has acquired Space Teleinfra Private Limited (<keyword id="11681445" type="UNKNOWN" weightage="20" keywordseo="stipl">STIPL</keyword>), a indoor coverage solutions provider in India, for an equity deal of ₹900 crore. The transaction is funded through a combination of cash and units of Tower Infrastructure Investment Trusts (InvITs) that will be issued to selling shareholders. InvITs is like a mutual fund, which enables direct investment of small amounts of money from which enables direct investment of money from individual and institutional investors in infrastructure. The acquisition is customary to regulatory approvals and is expected to close in the second half of 2021. Ambit Private Limited acted as the exclusive financial advisor to the Shareholders. “With the onset of 5G and data consumption trends, seamless indoor connectivity becomes as essential as outdoor connectivity and this transaction will open new horizons for STIPL to lead this opportunity further. Through our ownership of units of <keyword id="8235303" type="UNKNOWN" weightage="20" keywordseo="Tower-InvIT">Tower InvIT</keyword>, we look forward to participating in the next chapter of growth in the shared Telecom Infrastructure business,” Ankit Goel, co-founder and managing director of STIPL said. Space Teleinfra is a shared telecom infrastructure provider for voice and data connectivity. The company commenced its operation in 2016 focused on providing telecom infrastructure to the mobile network. The company claims to have a well-spread customer base across all the three significant mobile network operators (MNOs) with a pan-India presence. Tower Infrastructure Trust further expands the suite of passive telecommunication infrastructure services for its customers with this acquisition. The company aims to target macro towers to indoor solutions, which will support the acceleration of India's digital transformation. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

Brookfield-backed Tower Infrastructure Trust to acquire Space Teleinfra for ₹900 crore

New Delhi, Dec 16 () Mukesh Ambani's Reliance Industries on Monday said it will divest Jio's telecom tower assets to Canada's Brookfield Infrastructure Partners LP for Rs 25,215 crore.
 RIL said its unit, Reliance Industrial Investments and Holdings Ltd (RIIHL) has inked binding agreements with Brookfield Infrastructure Partners LP and its partners for the tower business deal.
 Brookfield will buyout 100 per cent equity of the operating tower company.
 RIIHL "has entered into binding agreements with Brookfield Infrastructure Partners LP, and its institutional partners, for an investment of Rs 25,215 crore in the units to be issued by the Tower Infrastructure Trust," the company said in a statement.
 Under the deal, RIIHL, the sponsor of Tower Infrastructure Trust, would issue units in the trust to Brookfield affiliate BIF IV Jarvis India and some co-investors.
 After the deal is closed, the Canadian alternative assets manager, Brookfield and its partners would become sponsors of the trust, holding 100 per cent of India's largest telecom tower company with 130,000 towers through Tower Infrastructure Trust, while the RIL subsidiary would become a co-sponsor, but will hold no units.
 This is the single largest foreign investment in an Indian infrastructure vehicle.
 Proceeds from the investment by Brookfield and long-term loans will be used to repay existing financial liabilities of Reliance Jio Infratel Pvt Ltd (RJIPL), including loans extended by RIL. It owns Rs 12,000 crore to RIL.
 "At the closing of the transaction, the Trust will own 100 per cent of the issued and paid-up equity share capital of Reliance Jio lnfratel Pvt Ltd," the statement said.
 RJIPL has a current portfolio of around 130,000 communication towers that forms the infrastructure backbone of Reliance Jio Infocomm Ltd's (Jio) telecommunication network and has plans to expand this to 175,000 towers.
 Jio is an anchor tenant of the tower portfolio under a 30-year Master Services Agreement.
 "We are pleased to enter into this long and strategic relationship with Brookfield, which is one of the largest and most respected managers of infrastructure assets globally.
 "We are confident of Brookfield's abilities to manage this large portfolio of high-quality infrastructure assets and further enhancing value creation opportunities. This transaction demonstrates the belief of global investors in the potential of India's digital opportunity", said Mukesh D Ambani, Chairman and Managing Director of RIL.
 Closing of the transaction is subject to certain regulatory approvals, which are expected shortly, the statement said. ANZ DRR

Reliance to divest Jio's tower assets to Brookfield for Rs 25,215 cr

By mid 2017, <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Communication+&amp;sortorder=effectivedate">Reliance Communication </a>is aiming to complete three deals, including a merger with <a href="http://www.businessinsider.in/searchresult.cms?query=Aircel&amp;sortorder=effectivedate">Aircel</a>. The telecom company has agreed to sell a 51% stake in <keyword id="44524" type="CITY" weightage="20" keywordseo="Reliance-Infratel">Reliance Infratel</keyword>, the company's tower unit, to <keyword id="6356687" type="COUNTRY" weightage="20" keywordseo="canada">Canada</keyword>'s <keyword id="3982834" type="UNKNOWN" weightage="20" keywordseo="Brookfield-Group">Brookfield Group</keyword> for Rs 11,000 crore. Both the plans are expected to come true by mid 2017. 
 "Consolidation is the only way forward in the industry. <keyword id="6368073" type="ORGANIZATION" weightage="20" keywordseo="Reliance-Communication">Reliance Communication</keyword> is playing an upfront running role in the consolidation of the industry,” said Gurdeep Singh, Co-CEO of RCom. 
 
These deals will help RCom reduce debt by 70% by 2018. RCom's debt stood at Rs 42,800 crore as of December 31. 
 Litigation involving <keyword id="6360249" type="COMPANY" weightage="20" keywordseo="Aircel">Aircel</keyword> won't have any impact on the merger process, said Punit Garg, head of strategy and regulatory affairs at RCom. "Everything is on track,” he told ET.

RCom plans to reduce debt by mid-2017 and seal three deals, including Aircel

New Delhi, Jan 20 () Fair trade regulator CCI has approved divestment of Reliance Jio's telecom tower assets to Canada's Brookfield Infrastructure Partners LP and other investors.
 The other investors include British Columbia Investment Management Corporation, GIC Infra Holdings Pte Ltd's subsidiaries Anahera Investment Pte Ltd and Valkyrie Investment Pte Ltd.
 In a tweet on Monday, the regulator said it "approves subscription of the units of Tower Infrastructure Trust by BIF IV Jarvis India Pte., British Columbia Investment Management and GIC Investors."
 The proposed transaction involves the acquisition of indirect control of Reliance Jio Infratel Pvt Ltd (RJIPL) by Jarvis, the Competition Commission of India (CCI) noted in a combination notice filed with it.
 Tower Infrastructure Trust, an InvIT, currently holds 51 per cent of the outstanding equity share capital of RJIPL. Current Sponsor of the InvIT is Reliance Industrial Investments and Holdings Ltd (RIIHL).
 The deal, as per the notice, is subject to receipt of requisite approvals from markets regulator Sebi. Jarvis would execute the "deed of accession" to the trust deed and be designated as one of the sponsors to the InvIT in addition to RIIHL.
 Besides, Jarvis would subscribe to the majority of the units to be issued by the InvIT.
 "Jarvis, subscribing to the units of the InvIT, subject to receipt of necessary approvals from SEBI, will discuss and mutually agree with the Parties on suitable mechanism, in accordance with the provisions of SEBI InvIT Regulations, for change of the current investment manager to an entity nominated and controlled by Jarvis," the notice said.
 The parties are Jarvis, British Columbia Investment, GIC investors, InvIT, and RJIPL.
 From the proceeds of the issuance of units, the InvIT proposes to acquire the remaining 49 per cent of the outstanding equity share capital in RJIPL.
 Additionally, GIC Investors and British Columbia Investment propose to acquire a minority interest in the InvIT by either directly subscribing to units of the InvIT, or by indirectly acquiring an interest in the InvIT through acquisition of shares in BIF IV India Holdings.
 In December 2019, RIL said its unit, Reliance Industrial Investments and Holdings Ltd (RIIHL) has inked binding agreements with Brookfield Infrastructure Partners LP and its partners for the tower business deal.
 Brookfield will buy out 100 per cent equity of the operating tower company.
 RIIHL "has entered into binding agreements with Brookfield Infrastructure Partners LP, and its institutional partners, for an investment of Rs 25,215 crore in the units to be issued by the Tower Infrastructure Trust," the company had said in a statement.
 Under the deal, RIIHL, the sponsor of Tower Infrastructure Trust, would issue units in the trust to Brookfield affiliate BIF IV Jarvis India and some co-investors.
 After the deal is closed, the Canadian alternative assets manager, Brookfield and its partners would become sponsors of the trust, holding 100 per cent of India's largest telecom tower company with 1,30,000 towers through Tower Infrastructure Trust, while the RIL subsidiary would become a co-sponsor, but will hold no units.
 This is the single largest foreign investment in an Indian infrastructure vehicle. SRS ANU
ANU

CCI approves Reliance's divestment of Jio tower assets

Mumbai, Jan 13 () The deepening slowdown has had its impact on the deal market in 2019 with mergers and acquisitions (M&amp;As) plummeting over 34 per cent to USD 67.1 billion but still making it the second best, on the back of the USD 6-billion ArcelorMittal takeover of Essar Steel, according to a report.
 As per the report by Mergermarket, M&amp;As in 2019 was the second highest in value despite declining 34.4 per cent in 2018, which was the best-ever. But, the report is positive about 2020 as the government has eased foreign investment restrictions and plans to divest state-owned companies.
 The report attributes the optimism to the relaxation in the foreign direct investment policy in August, loosening the restriction on coal and lignite mining, contract manufacturing, single-brand retail, and digital media, which may bring more opportunities to foreign investors.
 "Overall M&amp;As touched USD 67.1 billion across 422 deals, down 34.4 per cent in value and 3.4 per cent in volume compared to 2018 when the street saw 437 deals worth USD 102.2 billion," Mergermarket said in a note on Monday.
 At USD 67.1 billion, India accounted for 10.4 per cent of the deals in the Asia-Pacific region, said the report.
 Of the total, inbound activities remained strong with USD 37.9 billion across 221 deals, while outbound deal value plunged 84.8 per cent to a low of USD 2 billion across 54 deals, the lowest since 2014, when it was printed at USD 1.7 billion.
 The numbers would have much worse had it not been for the Essar Steel-ArcelorMittal-Nippon Steel deal worth USD 6 billion at the end of 2019.
 The second biggest was the USD 3.65-billion deal involving a consortium led by Brookfield Infrastructure Partners taking over Tower Infrastructure Trust in July followed by the Bandhan Bank-Gruh Finance deal of USD 3 billion in January.
 The fourth-biggest deal was Bhushan Power &amp; Steel Ltd takeover by JSW Steel for USD 2.74 billion in September, and the fifth was Reliance Industries' USD 2.45-billion deal with Pipeline Infrastructure Trust in March. 
 Private equity players continued to lead the deal street with buyouts reached record levels for two years in a row at USD 19.6 billion across 123 deals, surpassing the USD 17.6 billion involving 123 deals in the previous year.
 Private equity exits, on the other hand, returned to a much more modest level at USD 7.9 million across 48 deals in 2019, following the all-time high in 2018 at USD 35.9 billion involving 59 deals.
 With USD 8.3 billion deals across 79 activities, the US remained the dominant foreign investor both in terms of deal value as well as deal count, followed by Canada at USD 7.9 billion across 12 transactions, on the back of two infra-related deals: Brookfield's USD 3.7 billion investment in Tower Infrastructure Trust and India Infrastructure Trust's USD 2.4 billion investment in Pipeline Infrastructure.
 Meanwhile, deals from Japan jumped a whopping 189 per cent to USD 3.5 billion across 23 deals in 2019 from USD 1.2 billion across 16 deals in 2018 and the Japanese investors are bullish on the country's logistic industry given the e-commerce boom. BEN HRS

Slowdown roils deal street: M&As plunge 34.4 pc to USD 67 bn

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>The International Consortium of Investigative Journalists (ICIJ) this morning <a href="http://uk.businessinsider.com/300-companies-including-pepsi-and-aig-are-securing-secret-deals-to-slash-taxes-2014-11">revealed the details of hundreds of secret tax deals</a> hundreds of world companies and the government of Luxembourg. 
The private deals, which appear to have saved more than 300 companies millions of dollars in tax, are completely legal in Luxembourg.
Here are the 310 companies - which include Pepsi and AIG - <a href="http://www.icij.org/project/luxembourg-leaks/explore-documents-luxembourg-leaks-database">named by the ICIJ in their database of leaked documents,</a> which includes 548 private tax rulings and corporation tax returns. We suggest heading over to the database for more context - it's a fantastic resource. 
Here's the full list (twenty-seven more company names are expected come over the next month):
2PCT 3i Abbott Laboratories ABN Amro Group Abris Capital Partners Abry Partners ABS - CBN Broadcasting Corporation Abu Dhabi Investment Authority Accenture ACE Group Acergy Group (now Subsea 7) Advent International Corporation AEA Investors AHW Capital Management AIG Alexander Eriksen Alfa Group Consortium Allco Finance Group Amazon AMB Property Corporation Amcon Allied Equity Holdings Ameriprise Financial AMP Capital Investors de Spoelberch Family Aozora Bank Apax Partners Guardian Media Group Apex Capital Management Apollo Global Management Apple Arcapita Arch Capital Group Archangel Diamond Corporation Arison Group Artal Group Ärztekammer Westfalen Lippe Atomico Audley Capital Advisors Avenue Capital Group Avery Dennison Corporation AVIVA AXA Group Babcock &amp; Brown Balderton Capital Ball Corporation Baloise Group Banca Delle Marche Group Banca Popolare Dell'Emilia Romagna Banco Bradesco Banco Itaú (now Itaú Unibanco) Banque Martin Maurel Baring Private Equity Asia Bayerische Landesbank BAYTEX Energy Corp BC Partners Belfor Bjarne Borg Blackstone Group Bluebay (now Royal Bank Of Canada) BNP Paribas / Crédit Agricole Boston Consulting Group Bridgepoint Brookfield Asset Management Bucher Industries Group Burberry Group Cargill Carlyle Group Catalyst Investment Managers CB Richard Ellis Group Centerbridge Partners Charterhouse Capital Partners Chateau De Berne Cheyne Capital Management China Petrochemical Corporation (Sinopec) China Yunnan Metallurgical Group CIRCOR CITCO Citigroup Cliffs Natural Resources CNP Assurances Coach Commerzbank AG Companhia Brasileira De Distribuição COMPASS Group Cordea Savills Covidien Group Credit Suisse Damovo Group Dawnay, Day &amp; Co. Dean Foods Delff Management Developers Diversified Realty Corporation DNB Nor Group Doughty Hanson Draper Fisher Jurvetson DST Systems State Street Group Dubai International Capital DUET Group Dyson EFG Group EMULEX Encore Consumer Capital Englefield Capital (now Bregal Capital) EQT Equity Trust (now Doughty Hanson) ESO Capital Group Eurohold European Property Investors EUSA Pharma (now Jazz Pharmaceuticals) EVRAZ Group Experian Fairfax Financial Holdings FedEx Corp Fidelity Field Point Group Financière Lafayette Finmeccanica Group Fonciere Inea Foresight Group Foster Wheeler Foyer Group FREO Group Friends Provident Fung Group Future Fund G.J. Hannink Gategroup Gazprom GE Group Government Of The Emirate Of Abu Dhabi Gigamedia Limited Group Gildemeister Group Glanbia GlaxoSmithKline Golden Gate Capital Golding Capital Partners Goodman Group Graymont Group Great Atlantic &amp; Pacific Tea Company Groupe Caisse D'Epargne / Groupe Banque Populaire Groupe LCF Rothschild (now Groupe Edmond De Rothschild) Groupe Rothschild Gruppo Banca Sella Harbinger Group Hauck &amp; Aufhauser Health Alliance Group Heinz Henderson Group HG Capital Hideal Partners Highland Capital Partners Hines HNA Group Home Credit Group HSBC Hutchison Group Hypo Real Estate Group IAM ICAP Iceberg Qapital IK Investment Partners IKEA Informa Intelsat Intergenia International Flavors &amp; Fragrances Intesa Sanpaolo Group Investcorp / Barclays IVG Immobilien J Chahine Capital J.C. Flowers Jardine Matheson Group JER Partners Jones Lang Lasalle J.P. Morgan Julius Baer Group Kaupthing Bank (now Arion Banki) KBL Lombard International Assurance King Street Capital Management Knight Business Kohler Landesbank Baden-Württemberg Langres Investment Limited Lehman Brothers Li Family Trusts Lion Capital Livingstone Brothers Lombard Odier Lubrizol (now Berkshire Hathaway) LVMH Moët Hennessy Louis Vuitton Macquarie Group Mark IV Industries Maus Freres McGraw-Gill Companies Mercapital (now N+1 Group) Merrill Lynch SATPO Group METTLER-TOLEDO Meyer Bergman Millipore Montagu Moorfield Group MYLAN Navistar / Caterpillar New Gulf Engineering Nikko Cordial Securities (now SMBC Nikko Securities) Nippon Sheet Glass Nordic Capital Nordson Northern &amp; Shell Oaktree Capital Management Office Depot Olayan Investments Company Establishment Olympus Capital Asia Pacific Century Group PALA Investments Palamon Capital Partners Paloma Industries Panorama Capital Paul Capital Pepsi Bottling Group Permira Perry Capital Procter &amp; Gamble Prospector Offshore Drilling Providence Equity Partners Prudential Public Sector Pension Investment Board QUAD-C Partners Quilvest Ramius Reckitt Benckiser Reso RMK Timberland Group Rockspring Rosebud Real Estate ROWAN Companies Rubus International Sanpaolo Group (now Intesa Sanpaolo Group) SBERBANK SCHAWK Schroders Ship Trust / Tree Trust Shire Signa SISK Group Skandinaviska Enskilda Banken SOCFIN Société D'administration Et De Gestion Atlantas SAGA Sportfive Group SR Technics Stabilus STAPLES STAR Capital Partners Starwood Capital Sun Capital Swire Group SYKES Enterprises TDR Capital Tele Columbus Tele2 Group Temenos Group TEVA Pharmaceutical Industries The Heesen Family Tiger Global Management Tiger Partners Timberland TINICUM TITAN International TMD Friction Tower 2008 Charitable Trust Towerbrook Capital Partners Trafalgar Overseas Tyco Group UBI Banca UBM Group UBS Unibanco Brazil (now Itaú Unibanco) Unicorn Investment Bank Unicredit Group United America Indemnity (now Global Indemnity) United Technologies Corporation UPLINE Group Value-Call Vastned Offices / Industrial NV Verizon Vermilion Energy Trust Veronis Suhler Stevenson Vers.Werk Der Zahnärztekammer Westf. Lippe Vistec Electronic Beam Lithography Group Vitec Group Vitruvian Partners Viva Group VKGP Vodafone Volkswagen Group VTS Group Warner Chilcott (now Actavis) WE Group Weather Investments Weatherford International Wendel Group WGZ Bank White Mountains Insurance Group Wolseley Wynnchurch Capital X-rite Yamana Gold York Capital Management

Here's A Full List Of Companies Named In The Luxembourg Secret Tax Deal Database

Except the mediocre onesGas Company Tower was once a gleaming model of downtown America's ascendancy. Located squarely in Los Angeles' central business district, the 52-story skyscraper has a strong pedigree. It's home to a collection of major corporate tenants, including the Southern California Gas Company, the white-shoe law firm Sidley Austin, and Deloitte, one of the Big Four accounting firms. Its owner, Brookfield, is an $800 billion investment firm <a href="https://www.businessinsider.com/industrial-outdoor-storage-ios-hottest-commercial-real-estate-sector-2023-2">known for its blue-chip portfolio</a> of real-estate assets. The tower's lobby even had a Hollywood cameo when it was featured <a href="https://www.imdb.com/title/tt0111257/locations?ref_=tt_dt_loc" target="_blank" rel="noopener">in the opening shot of the 1994 film</a> "Speed."More recently, though, the glassy office property has become an example of the alarming financial turmoil that is engulfing once-bedrock real-estate assets. Brookfield disclosed <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1575311/000110465923018637/tm236337d1_8k.htm" target="_blank" rel="noopener">in a February filing</a> that a <a href="https://www.dtlaofficefund.com/" target="_blank" rel="noopener">subsidiary it controls</a> had defaulted on $753.9 million worth of debt tied to the tower and another nearby office building — one of the largest since the great financial crisis. But as Brookfield grapples with its lenders, it's also facing a potential exodus of the building's most visible occupants.The Southern California Gas Company, the Gas Company Tower's namesake tenant, is in the market to relocate its 360,000 square feet at the property. Sidley Austin, which has about 136,000 square feet in the 1991-vintage building, is also prowling the market for new space, according to two people with knowledge of both tenants' real-estate decision-making. Spokespeople for Sidley and Brookfield declined to comment. A spokesperson for the Southern California Gas Company did not reply to a request for comment.Brookfield has slim chances of holding on to the occupants, market experts say, without promising the perfunctory upgrades that landlords often rely on to entice tenants, such as improvements to the building's lobby, amenity spaces, and outdoor areas. With its future control of the tower in jeopardy, the investment giant is hardly in a position to lavish the millions of dollars necessary to undertake such renovations. The situation at the Gas Company Tower is the latest example of the doom loop taking hold in America's office market, where snowballing disinvestment and financial distress have ensnared a growing number of buildings.<div type="image" title="Gas Company Twoer" height="1987" width="2649" msid="99115863" hostid="261" sizebytes="552532"></div>The brewing problems can be traced to a fundamental shift in office demand. Remote and hybrid work has transformed office attendance and allowed companies to cut back on their physical footprints. It has also made tenants more choosy about the spaces they do take, favoring offices with the "wow factor" to draw employees back in. It's not only staid properties that risk being left behind — even offices that do boast amenities can fall short of tenants' rising expectations."For years, office owners have been in an amenities war, spending millions of dollars on upgrades," Michael Soto, the head of US office research at Savills in Los Angeles, said. "The competition has reached the point where an owner can complete these upgrades and it might not even be enough to push leasing activity."Rising interest rates, higher operating costs, and reticent lenders, meanwhile, present another financial hurdle for landlords who are contemplating spending tens of millions of dollars on upgrades. Those owners may have to spend huge sums to pay down expiring mortgages that have become outsized in the current lending market as commercial properties fall in value. A huge swath of America's office market is vulnerable to these twin threats of being under-equipped with amenities and underwater financially. Seventy percent of the country's 5.56 billion square feet of total office space was built before 1990, according to a recent report issued by the real-estate giant Cushman &amp; Wakefield, and is more likely in need of substantial upgrades to remain competitive. Almost $400 billion of office debt, meanwhile, is set to come due in the next 5 years, saddling owners simultaneously with refinancing costs that are likely to tally in the tens of billions of dollars.<h2>'Tenants are taking less space'</h2>Landlords insist that the pessimism in the sector is overblown and that diminished office attendance will be a pandemic-era fad. A <a href="https://www.businessinsider.com/companies-making-workers-employees-return-to-office-rto-wfh-hybrid-2023-1">growing number of companies</a> are forcing <a href="https://www.businessinsider.com/companies-making-workers-employees-return-to-office-rto-wfh-hybrid-2023-1">workers back</a>. But there is also growing evidence that remote work could become a permanent offshoot of the pandemic. Placer.ai, a real-estate-data firm that tracks office attendance, <a href="https://www.placer.ai/blog/placer-ai-office-index-february-2023-recap" target="_blank" rel="noopener">said in a recent report</a> that there are currently about 40% fewer workers in the office on an average workday than before the pandemic. That rate has held steady since mid-2022, signaling "the entrenchment of a new hybrid normal," the report stated."We had been seeing a steady recovery of occupancy, but now it's flattening," Ethan Chernofsky, a senior vice president of marketing at Placer.ai, said. "What it tells me is the current situation is far closer to the new normal than I had expected it would be."This behavioral shift has deeply cut into demand for office space. Cushman predicted that 1.1 billion square feet, or nearly a fifth of the entire US office market, would be empty by the end of the decade — a 55% increase in vacant space compared to the end of 2019, just before the pandemic began. Space reductions created by remote and hybrid work would account for about 330 million square feet of that vacancy, the report said. There's also been a major uptick in companies subleasing parts of their offices as their needs for space shrink, the real estate services firm Colliers said. Sublease space is often offered at a discount compared to spaces being marketed directly by landlords, putting more downward pressure on the leasing market — and by extension, building values. The amount of sublease space nationally more than doubled from 118.5 million square feet at the end of 2019 to 242.8 million square feet at the end of 2022, Colliers stated."There's no doubt that tenants are taking less space now," Aaron Jodka, a research director at Colliers, said. "Anecdotally, we're seeing many users take about 20% less space during lease renewals."The tenants that do remain in the market for offices have become more particular about the spaces they take, according to real-estate experts, and for good reason. Companies have found that <a href="https://www.axios.com/2023/03/06/when-it-comes-to-office-buildings-its-survival-of-the-fanciest" target="_blank" rel="noopener">employees are more willing to trek</a> into the office if a space and the building it's in are <a href="https://www.businessinsider.com/employees-back-to-office-work-from-home-build-better-offices-2022-6">compelling enough to make the commute worth it</a>."We're seeing tenants move out of commodity spaces and into the very best offices they can afford," David Smith, Cushman &amp; Wakefield's head of global occupier insights, said. "It's left older spaces that haven't seen reinvestment less likely to find takers."The double whammy of businesses needing less space and wanting only the nicest offices means that competition for tenants is even fiercer. For older buildings trying to survive, a physical overhaul may be the only option to remain relevant. <h2>A different formula</h2>Transforming a building with older bones into a high-quality, modern office tower has never been easy, but it generally followed a well-worn blueprint: borrow money for the work, hire brand-name architects, install the latest amenities and shiny upgrades that businesses want, and then wait for those tenants to rush through the door.Rockefeller Group, a New York-based real-estate-development firm owned by the Japanese real-estate conglomerate Mitsubishi Estate Group, executed this playbook with the office tower it owns at 1271 Avenue of the Americas in midtown Manhattan. Rockefeller spent $600 million renovating the 2-million-square-foot property between 2016 to 2020, redoing the building's block-wide lobby and replacing its facade with a new glass exterior. All that investment paid off, as a collection of top-tier tenants filled virtually all of the tower's space: the corporate offices of Major League Baseball, the law firm Latham &amp; Watkins, the Japan-based bank Mizuho, and others.<div type="image" title="1271 Avenue of the Americas office tower" height="1785" width="2380" msid="99115867" hostid="261" sizebytes="995834"></div>But Bill Edwards, an executive vice president at Rockefeller who helps oversee its New York portfolio, said that it might have reconsidered the scale of such a thorough and costly makeover today. "We would probably have reconsidered that dollar amount given how leasing costs have increased tremendously," Edwards said, referring to the incentives landlords award tenants to take space, including periods of free rent, rent discounts, and contributions to the costs of setting up their offices. "The fact that tenant improvement and free rent periods are much more elevated would affect the math."At 1221 Avenue of the Americas, an almost identical-looking office tower a block away that the company also owns, Rockefeller has recently completed a more modest $50 million makeover of the building's expansive outdoor plaza along Sixth Avenue, where it has 65,000 square feet of retail space it hopes to lease to a mix of stores, fitness centers, and restaurants that will serve as a draw for tenants. It previously upgraded the plazas on the north and south sides of the tower and, in 2015, redid the lobby. About 20% of the building's leased space, totaling roughly 500,000 square feet, is set to expire beginning in 2025, meaning the tenants in those spaces could depart. For now, the company doesn't have any further work planned to lure takers."This is a time in the market where you want to be cautious about investments and make sure you're managing the downside risks," Edwards said.<h2>Spiral to the deep</h2>The financial gambit of lavishing money on upgrades has become even more challenging as cracks have formed in the financial foundations that underpin a growing number of office properties. About $80 billion of office mortgages on bank balance sheets are coming due in 2023, according to data from Trepp, and $400 billion will expire in the next 5 years, more than any other segment of the commercial real estate market.Commercial real-estate financing is generally structured differently than residential mortgages. The loans often don't amortize and include only interest payments, meaning that when they expire, usually after a period of 10 years, owners must replace them with mortgages of commensurate size. In a market where building values have fallen — the National Council of Real Estate Investment estimated that average office values reported by its members fell 7.4% in 2022 — and lenders have become more cautious, that swap has become increasingly difficult. Data from Trepp suggests that at least a quarter of the roughly $68.3 billion of securitized mortgages tied to office buildings and set to expire in the next two years is too large to be fully replaced, considering the rental income of the office buildings they're tied to. The disconnect leaves owners with huge sums to pay down. If a landlord has, for instance, an expiring $100 million mortgage, but can only find $70 million of debt to replace it because of the lower value of their building and the more cautious lending standards of banks, that owner must pay the $30 million difference or risk turning the property back to its lender. "If a property is underwater, investing in more cash can be seen as putting good money after bad," Soto said, explaining why even landlords like Brookfield, which faced a debt maturity at the Gas Company Tower in February, have chosen to default rather than pay up.This leaves owners, their buildings, and the wider office market in a precarious position. Robert Verrone, a principal at Iron Hound, a commercial real-estate-financing firm and advisor, said he now spends the majority of his time working on ailing debts. Lenders are often reluctant, he said, to seize office buildings because of the costs and expertise required to operate the properties. In some cases, a compromise can be struck in which an owner pays back a portion of their loan in exchange for forgiveness on some of the debt by the lender. Few lenders have been in a forgiving mood so far, but that could change, Verrone said."They're being tougher now than in 2010," Verrone said, referring to the workouts that became commonplace in the aftermath of the great financial crisis. "But you can get a deal done if you negotiate."Lenders with troubled loans may also resort to selling off those debts to investors who are intent on seizing properties through foreclosure. But the discounts will be steep. On a call Wednesday hosted by CBRE, Spencer Levy, a global client strategist and senior economic advisor at the company, said that it has increasingly been called on by lenders to help them value their commercial real estate loan portfolios and identify potential debts to sell. "We are currently valuing those deals in an enormously wide band," Levy said of office loans, in particular. "50 to 90 cents on the dollar." <a href="https://www.businessinsider.com/author/daniel-geiger">Daniel Geiger</a> is a senior real estate correspondent for Insider.

The good news is, only old office buildings are doomed. The bad news is, that's 70% of them.

Getty ImagesAby Rosen, the co-founder of RFR Realty, is known for his expensive taste in art, penchant for partying, and celebrity friends.<ul class="summary-list"><li>Prominent landlord Aby Rosen, who controls the Chrysler Building, has abruptly retreated from two major real estate acquisitions in recent weeks as pandemic crisis overtook New York City.</li><li>The coronavirus has upended the city's $30 billion commercial real estate sales market and has prompted buyers, sellers, and lenders to rethink transactions. </li><li>Major institutions such as Brookfield Properties, Blackstone Group, and Related have meanwhile pulled major assets from the market.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Click here for more BI Prime stories.</a></li></ul>The owner of some of Manhattan's most recognizable office spires has abruptly stepped away from a pair of major commercial real estate acquisitions, the latest sign of the deep chill that has been cast over the city's multi-billion-dollar real estate investment market by the coronavirus crisis.Aby Rosen, the co-founder of RFR Realty, a real estate investment firm that controls several prominent Midtown office towers, including the Chrysler Building and the Seagram Building, has put a $400 million deal to purchase the 36-story, 600,000-square-foot office tower at 900 Third Avenue on hold. A source with direct knowledge of the deal said that Paramount Group, the seller of the property, anticipates that Rosen may still complete the acquisition once the pandemic crisis eases. Separately, Rosen, a German-born real estate investor known for his expensive taste in art, penchant for partying, and celebrity friends, also cancelled his plans last month to buy a nearly 30,000-square-foot retail space in Times Square that had been on the market for $200 million. That space, located at 1600 Broadway in the base of an apartment tower, is home to a large M&amp;M-themed store.Through a spokeswoman, RFR Realty declined to comment for this article. The turnabout for Rosen reflects the uncertainty and concerns that have engulfed the real estate market amid the pandemic, which has paralyzed the country's and the city's economy. Unable to occupy their spaces due to social distancing, many office and retail tenants have stopped paying rent, cutting off some landlords from the revenue they need to make mortgage payments, pay partners, and cover other expenses.Banks and lenders have also pulled back from lending on major real estate deals as questions loom how long the virus will encumber commerce and daily life, and whether the crisis will touch off a recession that could pull the real estate market into a longer slowdown."Banks are still lending but they're reserving money for their core clients and they're being hyper-selective," said Dustin Stolly, who co-heads Newmark Knight Frank's debt and structured finance group. "Then there's a number of issuers of commercial mortgage-backed securities who are sitting on loans they haven't been able to securitize and so they're on the sidelines right now."Stolly said he couldn't comment on any specific situations where commercial real estate buyers were having trouble raising the debt to close deals. He also noted that the Federal Reserve's new $2.3 trillion stimulus plan is targeted to help revive the CMBS markets and encourage lenders to extend new debt to borrowers. <h2>The city's booming sales market could tank</h2>Last year, about $30 billion worth of commercial real estate was sold in New York City, about $5.5 billion of which was done in the first quarter, according to data from Robert Knakal, the chairman of New York investment sales at the real estate services firm JLL.Knakal said that about $4.9 billion of sales transactions had been completed in the city in the first quarter of this year, a decline of about 11% from the first quarter a year ago."I would say the market is cautious right now," Knakal said. "Getting new transactions under contract is challenging."Rosen is already under pressure to close another large deal to purchase the office building at 522 Fifth Avenue from Morgan Stanley for around $350 million. RFR Realty made a $30 million non-refundable deposit to enter into contract to purchase that property, a source with direct knowledge of the transaction said.RFR would lose that sum if it is unable to raise financing and close, although the contract grants RFR Realty six months to raise the money, with extensions beyond that that can be triggered if RFR adds millions of additional dollars to its non-refundable deposit, the source said.Being stuck under contract for a major real estate acquisition has suddenly become a precarious position. Last month, the <a href="https://www.wsj.com/articles/sl-green-815-million-deal-to-sell-new-york-city-office-tower-falls-apart-11585100373" target="_blank" rel="noopener">Wall Street Journal reported</a> that a real estate investment group lost a $35 million deposit when it couldn't close on an $815 million purchase of 220 East 42nd Street, a 37-story office property, after it failed to raise the necessary debt financing. <h2>Sellers pull major deals from the market</h2>The city's rocky sales market has prompted some sellers to cancel or postpone large-scale property offerings.A partnership between Brookfield and the Blackstone Group recently pulled One Liberty Plaza, a 2.3-million-square-foot office tower in Lower Manhattan, from the market, a source directly familiar with the matter said. (Note: Business Insider's office is located at One Liberty Plaza). The pair had been seeking as much as $1.7 billion for the building.The large real estate developer Related, meanwhile, has called off an effort to sell the recently built Equinox Hotel at 33 Hudson Yards, according to a source. The offering also included a block of office space in the building.Blackstone declined to comment. A spokesman for Related didn't respond to a request for comment. "You can only sell a building once and if your results are not optimal you can't get a do-over," Knakal said. "You want to make sure you do it right, and the current circumstances are not optimal because of the uncertainty."To be sure, the city's commercial-sales market has shown signs of life as well.Last week, Brookfield Asset Management completed a deal to buy 315 West 33rd Street, a residential rental, office and retail property, for nearly $450 million from the large New York City focused office real estate investment trust SL Green. Notably, Brookfield negotiated to assume the $250 million mortgage that SL Green had on the property, eliminating the need to have to arrange new financing.Have a tip? Contact Daniel Geiger at <a href="mailto:dgeiger@businessinsider.com">dgeiger@businessinsider.com</a> or via encrypted messaging app Signal at +1 (646) 352-2884, or Twitter DM at <a href="https://twitter.com/dangeiger79">@dangeiger79</a>. You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>.<a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/federal-reserve-zero-percent-rate-dow-dropped-2020-3">Why the Dow plummeted after the Federal Reserve set interest rates at 0%</a></h3>

Real estate tycoon Aby Rosen is abandoning $600 million worth of acquisitions as the coronavirus puts New York City's multi-billion-dollar sales market on ice

New Delhi, Apr 28 () Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) will on Thursday consider a rights issue - the first such issue in nearly three decades - as it steps up efforts to pare debt. The Board of the country's largest company will meet on April 30 to consider and approve audited financial results of the firm for the quarter and year ended March 31 as also to recommend dividend, RIL said in a regulatory filing. It would also "consider a proposal to issue equity shares to existing shareholders on Rights basis, as may be permitted under applicable law, subject to such regulatory/statutory approvals, as may be required," the company said without giving details. The move comes within days of RIL agreeing to sell 9.99 per cent stake in its digital platform to Facebook Inc for USD 5.7 billion or Rs 43,574 crore. Ambani had in August last year unveiled plans to cut debt to zero by 2021. As part of this plan, RIL has been seeking strategic partnerships across its businesses while targeting to deleverage the balance sheet. At the end of December quarter, RIL had an outstanding debt of Rs 3,06,851 crore. It also had cash in hand of Rs 1,53,719 crore, bringing the net debt position to Rs 1,53,132 crore. Analysts expect dilution of at least 5 per cent through the rights issue. In other words, each shareholder will be entitled to apply for five new shares for every 100 shares held. This will help RIL raise about Rs 40,000 crore, assuming some discount to the current trading price. Typically, cash-strapped companies use rights issues to raise money when they really need it. In these rights offerings, companies grant shareholders the right, but not the obligation, to buy new shares at a discount to the current trading price. The last time RIL tapped the public for funds was in 1991 when it had issued convertible debentures. The debentures were subsequently converted into equity shares at Rs 55 apiece. As part of its balancesheet deleveraging plans, RIL is talking to Saudi Aramco for selling a fifth of its oil-to-chemicals business for an asking of USD 15 billion and has sold half of its fuel retail venture to BP Plc for Rs 7,000 crore and telecommunication tower business to Brookfield for Rs 25,200 crore. But the crash in oil prices has created uncertainty over the timeline for the completion of the Aramco deal. On August 12, 2019, RIL announced that it has signed a non-binding letter of intent to sell a 20 per cent stake in its oil-to-chemical (O2C) business to Saudi Aramco. The O2C business, which has an enterprise valuation of USD 75 billion, includes RIL's refining and petrochemical divisions, and RIL's 51 per cent stake in its fuel marketing business. The company had sold a 49 per cent stake in its fuel marketing business in India to BP Plc for USD 1 billion. In July 2019, RIL announced the sale of its telecommunications tower business - which was already transferred to the investment infrastructure trust, InvIT, to Brookfield Asset Management Inc for Rs 25,200 crore. Together, proceeds from these transactions will result in a reduction in RIL's net debt. ANZ ANZ ANUANU

Reliance to consider rights issue, dividend on Thursday

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Alex Wong/Getty Images</div></div></div><ul><li>The Kusher Companies, the real-estate company owned by Jared Kushner's family, is dumping its stake in its flagship 666 Fifth Avenue building, according to the Wall Street Journal.</li><li>The Kushner Companies bought 666 Fifth Avenue for $1.8 billion in 2007 but struggled with debt payments on the building.</li><li>Real-estate giant Brookfield will take over the 99-year lease from the Kushner Companies.</li></ul>The Kushner Companies, the real estate empire owned by the family of President Donald Trump's son-in-law Jared Kushner, is close to dumping its stake in the long-troubled 666 Fifth Avenue skyscraper, according to a new report.The <a href="https://www.wsj.com/articles/kushner-family-close-to-deal-to-unload-666-fifth-avenue-1533322813">Wall Street Journal reported</a> Friday that Kushner Companies is nearing a deal to offload the 99-year lease on the building to Brookfield Asset Management.The building was hit with financial trouble soon after the Kushner Companies bought the property for $1.8 billion in 2007. In recent years, the Kushner Companies have been <a href="https://www.businessinsider.com/jared-kushner-company-real-estate-debt-foreign-investors-2017-8">struggling with debt repayments</a> on the building and took on a partnership with Vornado Realty Trust to help pay off the $1.4 billion in total debt.The Kushner Companies will use the money from Brookfield to buy out Vornado, according to the Journal. Brookfield will also pay the entire 99-year rent up front in order to allow Kushner Companies to deal with the debt, typically 99-year lease structures include an annual ground rent according to the Journal.<a href="https://www.businessinsider.com/kushner-companies-deal-with-qatar-billionaire-to-save-666-fifth-avenue-2018-5">Brookfield reportedly</a> agreed to an investment in the building early in the year, but the sale of the 99-year lease is a much larger deal than originally expected. According to the Journal, the sale will ensure that the company is able to repay the debt from the building, but it's not clear if it would net any profit.Jared Kushner, the president's adviser and husband to Trump's daughter Ivanka, helped run the Kushner Companies at the time of 666 Fifth Avenue's purchase. Kushner's real estate interests were placed in a trust controlled by other members of his family when he joined the White House.Originally, the Kushner Companies planned to use $7.5 billion in capital from Chinese insurance giant Anbang to remodel the aging tower into a mixed-use retail, condo, and hotel space. The deal eventually fell through.According to the Journal, Brookfield is expected to invest over $600 million to renovate the building, which sits in Manhattan's Midtown neighborhood.The Kushner Companies did not immediately return a request for comment. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/make-america-great-again-hat-christl-mahfouz-ace-specialties-trump-campaign-merchandise-2018-7">Meet the woman behind Trump's $20 million merch empire</a></h3> <div> </div> </div>

The real-estate company owned by Jared Kushner's family is reportedly dumping its financially troubled flagship skyscraper in New York City

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomas Peter-Pool/Getty ImagesJared Kushner.</div></div></div><ul><li>Kushner Companies is closing in on a major deal with a company tied to the government of Qatar to save its financially imperiled Manhattan tower. </li><li>If the bailout is finalized, it will likely raise concerns about Jared Kushner's work as the White House lead on Middle East policy. </li><li>This comes amid reports that the president's longtime personal lawyer, Michael Cohen, solicited $1 million from the government of Qatar in 2016 for access and insight into the Trump administration. </li></ul>Jared and Charles Kushner's $1.8 billion purchase in 2007 of 666 Fifth Avenue, a 41-story tower in midtown Manhattan, has long been ridiculed in New York real estate circles as a reckless move. Indeed, the office building has faced financial struggles for years - today it brings in only half of its annual mortgage fees and 30% of its space is empty, <a href="https://www.nytimes.com/2018/05/17/nyregion/kushner-deal-qatar-666-5th.html">according to The New York Times</a>.But Kushner Companies - the real estate firm owned by Jared, the president's son-in-law and top White House adviser, and his father Charles - are closing in on a game-changing bailout from a company whose second-largest shareholder is the government of Qatar, The Times <a href="https://www.nytimes.com/2018/05/17/nyregion/kushner-deal-qatar-666-5th.html">reported Thursday</a>.The company, Brookfield Properties, has worked hand-in-hand with the Gulf country's sovereign wealth fund, the Qatar Investment Authority, on several major US building projects, including Manhattan West, a retail and residential complex currently under construction. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Evan Vucci/APJared Kushner meets with Qatar's Emir Sheikh Tamim Bin Hamad Al-Thani</div></div></div>Jared, who remains a stakeholder in his family business despite leaving it to work in the White House (where he leads Middle East policy), lost his top-secret security clearance in February amid concerns that he is vulnerable to foreign influence as a result of his business dealings. If this deal is finalized, it will likely raise new concerns about Jared's potential conflicts of interest. The midtown tower attracted attention in late 2016, when the Kushners neared a different deal with a Chinese insurance company and a Qatar billionaire. That deal fell apart amid criticism of Jared's dual political and business roles.Brookfield plans to take control of the building's operation, and will spend hundreds of millions of dollars renovating it. This comes amid <a href="https://theintercept.com/2018/05/16/michael-cohen-qatari-investor-ahmed-al-rumaihi-michael-cohen-solicited-a-million-dollars-from-me/">multiple</a> <a href="https://www.washingtonpost.com/world/national-security/trumps-personal-attorney-solicited-1-million-from-government-of-qatar/2018/05/16/e787e716-592c-11e8-858f-12becb4d6067_story.html?utm_term=.901d82132a3e">reports</a> that the president's longtime personal attorney, Michael Cohen, solicited $1 million from the government of Qatar in late 2016 for access and insight into President Donald Trump's administration. (<a href="https://www.businessinsider.my/companies-paid-michael-cohen-trump-statements-explanations-2018-5/">Multiple companies</a>, including AT&amp;T, Novartis, and a financial firm with ties to a Russian oligarch, have confirmed recent reports that they paid Cohen hundreds of thousands of dollars for insight into the Trump administration). Cohen is currently under investigation by both special counsel Robert Mueller and the US attorney for the Southern District of New York. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/melania-trump-underrated-tina-brown-donald-2018-4">Tina Brown: Why Melania Trump is the best aspect of the Trump presidency</a></h3> <div> </div> </div>

Jared Kushner's family company is nearing a major real estate bailout with a company tired to Qatar's government

New Delhi, Feb 17() Private equity and venture capital investments recorded an all-time high of USD 48 billion in 2019 in India, according to EY report released on Monday. The report titled 'PE/VC Agenda: India Trend Book 2020' said that this is the third consecutive year that the private equity and venture capital sector has outperformed. "In terms of value, PE/VC investments increased by 28 per cent as compared to 2018, while the deal volume increased by 35 per cent. "The growth was primarily driven by a significant increase in investments in infrastructure sector, which grew over three times compared to 2018," it said. The report was released on Monday at the Indian Private Equity and Venture Capital Association (IVCA) conclave 2020. According to a report, while growth in traditional PE/VC investments dipped marginally in 2019, the growth in overall PE/VC investments was driven by investments in the infrastructure asset class. "Investments in infrastructure sector accounted for 30 per cent of PE/VC investments by value compared to 12 per cent in 2018," it said. The report pointed out that largest deals in 2019 were also in the infrastructure sector including Brookfield's USD 3.7 billion buyout of Reliance Jio's tower assets and USD 1.9 billion investment in Reliance Industries East-West pipeline. The largest deal in traditional PE/VC asset class was Alibaba and Softbank's USD 1 billion investment in Paytm, it said. The EY report said largest fund raise during the year saw government sponsor a USD 1.5 billion fund for providing last-mile funding to real estate developers for completion of stalled housing projects followed by Edelweiss Alternative Asset Advisors and Kotak Special Situations Fund raising USD 1.3 billion and USD 1 billion respectively to invest in stressed assets. As per the report, PE/VC investments in infrastructure space were at USD 14.5 billion in 2019, which were higher than the cumulative PE/VC infrastructure investments received in the previous seven years. Almost 49 per cent of PE/VC investments in infrastructure in 2019 have been through the InvIT structure, it said. For the first time in India, the report pointed out that buyouts have emerged as the largest PE/ VC investments deal type, overtaking the growth capital deals and accounting for 34 per cent of all PE/VC investments by value in 2019. "When compared across deal types, buyouts have recorded the largest increase of 56 per cent in terms of value(USD 16.2 billion in 2019 Vs USD 10.4 billion in 2018)," it said. In the past two years, buyouts clocked USD 26.7 billion in deal value, which is more than the value of buyouts in the preceding 12 years combined, the report pointed out. The numbers have also been the highest ever in 2019 with 58 deals, it added. Over the past five years, sovereign wealth funds (SWFs) and pension funds have directly invested around USD 32.8 billion in India accounting for 22 per cent of the dollar value of investments made during this period. According to the report, there has been a progressive increase in the share of large deals (value greater than USD 100 million) in the total PE/VC investments in India and now account for more than two-thirds of all investments by value. "In 2019, there were 111 deals of value greater than USD 100 million that aggregate to USD 35.2 billion and accounted for 73 per cent of total PE/VC investments made in 2019. "This is the highest ever number of large deals in a year and 37 per cent higher than the previous high recorded last year," it said. While the overall investments in start-ups increased by 22 per cent (USD 7.9 billion in 2019 Vs USD 6.5 billion in 2018) in terms of value, the number of deals increased by 61 per cent by 61 per cent (610 deals in 2019 Vs 378 deals in 2018). Notwithstanding recent headwinds faced by the Non-banking Financial Company (NBFC) sector, in 2019 at USD 9.1 billion, PE/VC investments in financial sector was up by 20 per cent compared to last year, the report said. Elaborating further, the report said other sectors that recorded increase in investment are technology (USD 3.9 billion across 147 deals in 2019 Vs USD 3.8 billion across 125 deals in 2018), life sciences (USD 2.5 billion across 69 deals in 2019 Vs USD 1.7 billion across 60 deals in 2018) and food and agriculture (USD 881 million across 83 deals in 2019 against USD 647 million 42 deals in 2018. Principal economic advisor in the Ministry of Finance, Sanjeev Sanyal, has said that although business culture has genuinely improved in the last few years, enforcement of contract is the single biggest constraint now to doing business in India. Sanyal also stressed on the need to look at administrative reforms by the government. "In 1991, we were forced to became a market economy because of crisis. We did not do it because we changed our mind... Bureaucrats talks about market failures instead of state failures. Free markets should be allowed to function in an appropriate way," he said. National Investment and Infrastructure Fund (NIIF) CEO Sujoy Bose said the fund wants to support small scale companies through NIIF. "We will be soon starting large scale PE(Private Equity) fund to support small companies," he said. Bose said PEs are now willing to invest in challenging companies in challenging times. He also talked about the need for more women fund managers in India. "The PE/VC industry can benefit from the tremendous business acumen and strengths that must create a playing field where we attract more women into the industry,"Bose said NIIF is India's maidan Rs 40,000 crore sovereign wealth fund. Sanjay Nayar KKR said role of corporate governance is becoming supremely important. IVCA chairman Padmanabh Sinha said that PE&amp; VC clearly have becomes anchors of the economy and playing a structural role in economy. BKS MKJ

Private equity, VC investments hit record high of USD 48 bn in 2019: Report

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>Amazon has signed a deal to move into a massive new 15-storey headquarters in London.
The site, Principal Place, is in the trendy Shoreditch area of London where a lot of tech startups have made their home (including Business Insider U.K).
The new tower will be completed in 2016 and house 5,000 employees.
We got some photos of the new joint from <a href="http://www.principalplace.co.uk/">Brookfield, the building's developer</a>, which is playing up the neighborhood's creative vibe.Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.

You Searched For "brookfield tower deal" and got 13 results

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The good news is, only old office buildings are doomed. The bad news is, that's 70% of them.

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Private equity, VC investments hit record high of USD 48 bn in 2019: Report

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