Three law firms assisted parties involved in Brookfield Asset Management’s sale of two large commercial assets in Mumbai and Gurugram valued at USD1.4 billion.
Khaitan & Co acted for Brookfield Asset Management, Shardul Amarchand Mangaldas & Co (SAM) advised Brookfield India Real Estate Investment Trust (BIRET) and Trilegal assisted GIC in the transaction.
In a groundbreaking collaboration, BIRET and GIC jointly announced their acquisition of two commercial assets, encompassing a total area of 6.5 million square feet, from Brookfield Asset Management’s private real estate fund. BIRET, which is the Indian real estate investment trust of Brookfield Asset Management, and GIC will hold equal partnership in the deal.
The commercial properties are located in Brookfield’s Downtown Powai in Mumbai and Candor TechSpace in Sector 48, Gurugram.
Speaking exclusively to India Business Law Journal, Khaitan partner Aashutosh Sampat said, “Advising on a deal of this size and complexity is always exciting.”
Calling it a “first of its kind structure of a listed real estate investment trust”, Sampat said that, “partnering with a sovereign wealth fund in acquiring large commercial assets made the transaction even more challenging. A deal of this nature has once again highlighted the immense scope and potential for M&A in the Indian real estate space”.
Partners Aakash Choubey, Sampat and Harsh Parikh led the Khaitan team, with the assistance of principal associate Rohan Shrivastava, senior associate Akash Srinivasan and associate Prakhar Khandelwal. Partner Anisha Chand and associate Yatharth V Singh also advised on competition law.
Trilegal’s Sai Krishna Bharathan was the lead partner in the team for GIC, who said, “We advised GIC with regards to due diligence, structuring, antitrust analysis, drafting and negotiation of definitive agreements on this transaction.”
He added, “The target companies will be a joint venture between a listed REIT and a premier institutional investor, in this case, a sovereign investor.”
SAM partners Jay Gandhi and Abhishek Parekh led the team representing BIRET throughout the entire acquisition process. This included drafting and negotiating all transaction documents, providing support with execution logistics, and conducting thorough legal due diligence.
The transaction will increase the gross asset value of Brookfield India Real Estate Trust to USD3.5 billion and the net asset value to USD2 billion, with a 35% increase in total leasable space and a 44% increase in operating area, BIRET said.
