Shardul Amarchand Mangaldas & Co has acted for Brookfield India Real Estate Investment Trust on the acquisition of a 50% stake in Rostrum Realty from the Bharti group valued at INR12.3 billion (USD149.74 million).
Partners Jay Gandhi, Nikhil Naredi and Abhishek Parekh led the SAM team, with assistance from principal associates Priya Awasthi and Namrata Mehta, senior associate Harini Jambunathan and associate Mahinder Udasi.
The acquisition includes four marquee commercial properties, all grade A assets, totalling 3.3 million square feet, with an enterprise value of USD731.71 million.
The transaction also involved issuing units to Bharti, which will see the group become the second-largest unit holder in Brookfield India REIT, with an 8.53% ownership stake.
Brookfield India Real Estate Investment Trust, the only fully institutionally managed office REIT in India, is sponsored by an affiliate of Brookfield Asset Management. It operates in more than 30 countries, employs around 240,000 people and manages assets exceeding USD925 billion.
Rostrum Realty is a private company involved in real estate, which includes buying, selling, renting and operating of self-owned or leased real estate.