+
Brookfield to acquire 100% stake in Seaview Developers at Rs 39.7 bn
Real Estate

Brookfield to acquire 100% stake in Seaview Developers at Rs 39.7 bn

Brookfield India Real Estate Trust (RETI) will buy a 100% stake in Seaview Developers Private Limited (SDPL) at Rs 39.7 billion, which owns Candor TechSpace N2.

The process of acquisition will be financed in two ways, including a preferential issue of Rs 9.5 billion priced at Rs 294.25 apiece and a property level debt issue of Rs 29.1 billion at 6.78% annually.

From the preferential issue, Rs 4.95 billion will be allotted to the third-party investors, while Rs 4.55 billion will be allotted to Brookfield.

According to the report, Brookfield India RETI will issue the shares to Brookfield Group, Housing Development Finance Corporation Limited (HDFC) Life Insurance, HDFC and State Bank of India (SBI) through the preferential issue.

Chief Executive Officer of Brookprop Management Services, Alok Aggarwal, said that the acquisition would increase the company's operating area by 35% to 186 million sq ft and a 34% gross asset value growth to Rs 156 billion. Candor TechSpace N2 will also witness 15% mark-to-market potential and 0.8 million sq ft on-campus development potential.

It said that the acquisition would result in a decline in the average borrowing costs of Brookfield India RETI to 6.76%, with the expected cap rate of 7.7% in FY23 to 3.9% National Defense Council Foundation (NDCF) accretion, along with an increase in tax-free sources to more than 50%.

Veritas Legal is a legal advisor to Brookfield Group, while Kotak Mahindra Capital will give opinions to the officials of the Brookfield India RETI for the acquisition.

Image Source

Also read: Mindspace REIT reports 6.7% YoY jump in income at Rs 359.20 cr

Brookfield India Real Estate Trust (RETI) will buy a 100% stake in Seaview Developers Private Limited (SDPL) at Rs 39.7 billion, which owns Candor TechSpace N2. The process of acquisition will be financed in two ways, including a preferential issue of Rs 9.5 billion priced at Rs 294.25 apiece and a property level debt issue of Rs 29.1 billion at 6.78% annually. From the preferential issue, Rs 4.95 billion will be allotted to the third-party investors, while Rs 4.55 billion will be allotted to Brookfield. According to the report, Brookfield India RETI will issue the shares to Brookfield Group, Housing Development Finance Corporation Limited (HDFC) Life Insurance, HDFC and State Bank of India (SBI) through the preferential issue. Chief Executive Officer of Brookprop Management Services, Alok Aggarwal, said that the acquisition would increase the company's operating area by 35% to 186 million sq ft and a 34% gross asset value growth to Rs 156 billion. Candor TechSpace N2 will also witness 15% mark-to-market potential and 0.8 million sq ft on-campus development potential. It said that the acquisition would result in a decline in the average borrowing costs of Brookfield India RETI to 6.76%, with the expected cap rate of 7.7% in FY23 to 3.9% National Defense Council Foundation (NDCF) accretion, along with an increase in tax-free sources to more than 50%. Veritas Legal is a legal advisor to Brookfield Group, while Kotak Mahindra Capital will give opinions to the officials of the Brookfield India RETI for the acquisition. Image Source Also read: Mindspace REIT reports 6.7% YoY jump in income at Rs 359.20 cr

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code