Brookfield buys 30 acre land parcel from K Raheja Corp in Mumbai

Brookfield Infrastructure, Brookfield Asset Management's infrastructure company, has made an agreement with K Raheja Corp to acquire a nearly 30 acre land parcel for around Rs 550 crore in Navi Mumbai's Airoli locality. Brookfield Infrastructure has planned to develop, own and operate an institutional data centre on the land parcel mentioned. This land parcel was bought by K Raheja Corp for around Rs 200 crore in Navi Mumbai from the US-based speciality chemicals company Cabot Corporation in December 2015. NYSE-listed Digital Realty and Brookfield Infrastructure entered into a 50:50 alliance last month to jointly invest over $2 billion to develop, own and operate institutional data centres across India. The joint venture will be functional under the brand name BAM Digital Realty. It could not be determined if the Brookfield-Digital Realty joint venture will develop the data centre on this land parcel or it will be developed by Brookfield independently and put under this alliance's portfolio later. The joint venture is going to expand the portfolio of Brookfield Infrastructure's global data infrastructure, including $23 billion assets across data transmission, distribution, and storage. Additionally, it includes 139,000 operational telecom wireless towers portfolio in India, which it aims to expand to 175,000 over the near term. Brookfield has experience of more than a decade investing in India, with assets of around $20 billion under management, including renewable power, infrastructure, private equity and real estate. India's data centres are emerging as the most appealing growth opportunity for leading developers and global institutional investors. With several new markets created simultaneously, investments are flowing into the data centre markets along with the quick development of campus sizes found in the most established global cities. An overall investment of $13.5 billion was planned and committed for data centres development in the country so far, and the data from Cushman & Wakefield showed that the contribution of global firms out of this is over 70%. Image Source Also read: Abbott leases luxury apartment for Rs 10 lakh per month in BKC Also read: Promoters of JB Chemicals buy luxury property in Mumbai at Rs 138 cr