{"id":9622,"date":"2021-12-17T22:28:27","date_gmt":"2021-12-17T16:58:27","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-brookfield-candor\/"},"modified":"2021-12-17T22:28:27","modified_gmt":"2021-12-17T16:58:27","slug":"biz-brookfield-candor","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-brookfield-candor\/","title":{"rendered":"Brookfield India Reit snaps up Candor TechSpace N2 in Noida for Rs 3,970 cr"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1145749793\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> Mumbai, Dec 17 (PTI) Brookfield India Real Estate Trust (Brookfield India Reit), the country&#8217;s only institutionally managed public commercial realty vehicle, on Friday agreed to purchase 100 per cent stake in the Noida-based Seaview Developers, that owns Candor TechSpace N2 office park, for Rs 3,970 crore.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1228407661\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> With this acquisition, Brookfield India Reit&#8217;s operating area increases by 35 per cent to 18.6 million square feet and the gross asset value increases by 34 per cent to Rs 15,600 crore, the company said in a statement late Friday evening.<\/p>\n<p> Located on the Noida-Greater Noida Expressway, Candor TechSpace N2 is Noida&#8217;s largest office park spanning 29.65 acres and totalling to 4.5 million square feet gross leasable area.<\/p>\n<p> It comprises 13 operating buildings totalling to 3.6 million square feet of operational area, one under construction building of 0.2 million square feet and a further development potential of 0.8 million square feet.<\/p><div class=\"trade-content_5\" id=\"trade-1670430823\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> The platinum-rated building had 99 per cent rent collections in H1, 6.73 lakh sq ft of new completions and 5.35 lakh sqft of new leasing. Some of its tenants include Samsung, Sopra Steria, Telus International and Qualcomm.<\/p>\n<p> The Canadian fund said the acquisition, subject to unitholder and regulatory approvals, will be financed through a combination of preferential issue of Rs 950 crore at a price of Rs 294.25 per unit, and a property level debt issue of Rs 2,910 crore at 6.78 per cent per annum.<\/p>\n<p> Alok Aggarwal, chief executive of Brookprop Management Services, which manages Brookfield India Reit, said the deal is part of their stated strategy of growing the Reit through accretive acquisitions.<\/p>\n<p> Candor is also poised for strong organic growth with contracted escalations, attractive 15 per cent mark-to-market potential and 0.8 million square feet on-campus development potential, he said.<\/p>\n<p> The acquisition price of Rs 3,966.3 crore is based on the average of the valuations received from the two independent valuers as per Reit regulations.<\/p>\n<p> The acquisition will also accompany a reduction in average borrowing cost of Brookfield India Reit to 6.76 per cent from \u00a07.15 per cent now, he said.<\/p><div class=\"trade-content-10\" id=\"trade-4256580472\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Brookfield India Reit will issue the units to Brookfield Group, HDFC Life Insurance, Housing Development Finance Corporation and State Bank of India via a preferential issue, subject to unitholder and stock exchange approvals.<\/p>\n<p> An extraordinary meeting of the unitholders is scheduled for January 14, 2022.<\/p>\n<p> Brookfield India Reit is the country&#8217;s only institutionally managed public commercial real estate vehicle which was listed in February 2021.<\/p>\n<p> It owns a portfolio of four large campus-format office parks in Mumbai, Gurugram, Noida and Kolkata with 14 million square feet area, of which 10.3 million square feet is operational, 0.1 million square feet is under construction area and 3.7 million square feet of future development potential. PTI BEN  ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-2146841977\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Dec 17 (PTI) Brookfield India Real Estate Trust (Brookfield India Reit), the country&#8217;s only institutionally managed public commercial realty vehicle, on Friday agreed to purchase 100 per cent stake in the Noida-based Seaview Developers, that owns Candor TechSpace N2 office park, for Rs 3,970 crore. With this acquisition, Brookfield India Reit&#8217;s operating area increases [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-9622","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brookfield India Reit snaps up Candor TechSpace N2 in Noida for Rs 3,970 cr - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-brookfield-candor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield India Reit snaps up Candor TechSpace N2 in Noida for Rs 3,970 cr\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Dec 17 (PTI) Brookfield India Real Estate Trust (Brookfield India Reit), the country&#8217;s only institutionally managed public commercial realty vehicle, on Friday agreed to purchase 100 per cent stake in the Noida-based Seaview Developers, that owns Candor TechSpace N2 office park, for Rs 3,970 crore. 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