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Brookfield, Platinum slug it out to acquire PGP Glass; PE firms seek controlling stake now at $1.4-1.6 bn value
Brookfield's private equity division is in discussions with Blackstone, the world's largest alternative asset manager, to buy into PGP Glass, formerly Piramal Glass. The Canadian asset management giant is competing with US firm Platinum Equity Partners, a relatively unknown entity in India so far. The deal contours have changed as negotiations progress, with the PE suitors now seeking a stake of 65-75% with Blackstone owning the rest.
Telecom major Singtel confirms no intention to divest Australian telco Optus
Singtel, majority-owned by Singapore sovereign investor Temasek, in March denied an AFR report that it was offloading Optus to Canada's Brookfield for up to $12 billion.
Brookfield, GIC, Alpha Wave eye Blackstone company PGP Glass
The buyout funds are competing with PAG and Apollo Global Management who are still believed to in the fray but not that aggressive as the top three. Alpha Wave -- previously Falcon Edge Capital, has so far been a big backer of Indian start-ups like Lenskart, Off Business, Cred, DailyHunt, Cars 24, Dream 11 as well as global marque brands and ventures like Aman Resorts, Didi, Space X, Ant and Alibaba Group.
Brookfield India REIT leases 1 million sq ft in Q3, best-ever performance since listing
During the quarter ending December, Brookfield India Real Estate Trust secured leases for over 1 million sq ft of office space, attracting tenants such as Accenture, Capgemini, L&T Hydrocarbon, Newgen, Wipro, and Genpact. Projections indicate 2.0-2.4 million sq ft of new leasing over the next 4-5 quarters.
Brookfield looking to sell 1.6 GW clean energy India assets
Currently, Brookfield has about 20 GW of wind and solar assets in operation or in the development pipeline across India. Investment bank JP Morgan has been hired to run the process, said people aware of the matter.
ATC India buyout to lend more ammo to Canada's Brookfield to fight Indus Towers
The recent $2.5-billion buyout of American Tower Corp’s India unit by Canada’s Brookfield will give them more firepower to compete with Indus Towers. Both tower companies are expected to offer new products and aggressive rental deals while negotiating long-term tower contract renewals. This consolidation will result in two dominant towercos in the 3-player telco market, ensuring an overall balance in pricing power. Brookfield's acquisition of ATC India will also boost Reliance Jio's 5G rollout. The combined tower assets of Brookfield and Indus will account for 80% of the sector's tower assets in India.
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Ambani says Reliance-Brookfield to open data centre next week
The Indian data centres market, which is expected to grow 40 per cent a year and draw USD 5 billion in investments by 2025, is heating up with Reliance's entry to rival Gautam Adani's Adani Group and Sunil Mittal's Bharti Airtel Ltd. in recent months.
Brookfield seals $2.5-billion all cash deal to acquire ATC India
The acquisition after months of negotiations marks the Boston-based independent tower company’s exit from India. ATC had informed the US Securities and Exchange Commission in February 2023 that it was exploring strategic alternatives, including the sale of an equity stake in its India operations, amid a challenging business environment.
Brookfield to buy ATC Indian business for $2 billion, signing today
I Squared Capital had signed exclusivity with ATC late last year to acquire finalising the terms to acquire around 65% stake in ATC Telecom Infrastructure Pvt Ltd (ATC-TIPL), at an enterprise value of around $1.5-$1.75 billion. But the matter has been dragging for months giving Brookfield a room to re-enter the negotiations with an improved offer.
HUL to partner Brookfield for Green Energy to meet Net Zero commitment
Hindustan Unilever Limited (HUL) joins forces with Brookfield to establish a 45 MW solar energy park in Rajasthan, a move aligning with HUL's net-zero journey. HUL's board greenlights an equity investment in a Brookfield-owned Special Purpose Vehicle (SPV), fostering renewable energy under India's captive renewable energy scheme. Aligned with India's COP26 pledge, this project aids HUL's emission reduction goals and expands to suppliers, contributing to environmental sustainability. The partnership aims to supply green energy to HUL and its suppliers, supporting decarbonization objectives in India.
Brookfield India REIT leases over 5.21 lakh sq ft in July-September
Around 37% of the office space was leased to Global Capability Centers (GCCs). The robust demand for office spaces and resultant leasing momentum, especially to set up GCCs has been driving the performance of commercial real estate across India’s key property markets.
Brookfield Properties’ Equinox Business Parks refinances Rs 2,100 crore debt
The property services company has raised the funds from Punjab National Bank to refinance its earlier debt facility that was extended by Housing Development Finance Corporation (HDFC) in two separate tranches in 2018 and 2020. HDFC was recently merged with HDFC Bank. Of both the facilities, HDFC had extended debt worth Rs 2,000 in 2018 under lease rental discounting (LRD) for a tenure of 180 months at 8.70% interest rate.
Brookfield, Cerberus, Deutsche Bank among lenders keen to fund Hindujas’ Reliance Capital bid
While major lenders have offered term sheets of up to ₹6,000 crore, smaller funds have shown interest in providing loans ranging from ₹800 crore to ₹1,000 crore, contributing to the larger financing package.
Hiranandani earmarks Rs 2,000 cr for premium housing project in Mumbai’s Powai
Hiranandani Group plans to invest over Rs 2,000 crore in developing a premium residential project in Mumbai's Powai area. The first phase will consist of around 3.3 lakh sq ft of saleable space, with the entire development covering nearly 5 lakh sq ft. The company has already started construction and has sold 150 apartments worth Rs 1,100 crore.
Accelerating the ESG revolution: Brookfield Properties leads the way for India Inc
Brookfield Properties and The Economic Times have launched the Earth Forward: ESG Dialogues series in Bengaluru, New Delhi, and Mumbai. The series aims to facilitate discussions on sustainable strategies across various sectors.
Warburg Pincus buys into Brookfield's global BPO firm Everise
Headquartered in the US, with over 19,000 employees in eight markets, Everise provides customer service solutions to some of the world’s leading healthcare companies. As part of the transaction, Everstone Group, the Singapore-headquartered private equity firm will exit its investment in Everise, said the release.
Brookfield to invest $845 mn in new renewable JV with Axis Energy Ventures
Brookfield, through the Brookfield Global Transition FundII (BGTF II), has committed to provide equity capital of up to $845 million (Rs7280 crore) towards the development and construction of the power projects, stated a press release. Axis Energy Ventures will contribute their existing development pipeline of wind and solar power projects which are spread across the country and at various stages of development.
TPG, Tepco, Brookfield in talks for JSW Neo stake
Private equity investors TPG, Tepco, and Brookfield are in advanced discussions to purchase a minority stake in JSW Neo Energy. JSW Group aims to raise up to $500 million from the stake sale to fund further expansion in renewable energy. JSW Neo Energy will house the parent company's upcoming renewable projects, including green hydrogen production.
Wadia’s 18-acre land likely to be bought by Sumitomo in Mumbai’s largest-ever land deal
Japanese conglomerate Sumitomo is expected to purchase 18 acres of Bombay Dyeing's mill land in Worli, Mumbai for approximately Rs 5,000 crore. This deal could potentially be the largest land deal in the city's history. The property, owned by the Wadia Group, is being sold as vacant land and the group's offices are being relocated to the Bombay Dyeing property in Dadar-Naigaum.
Sebi’s move on REIT, InvIT follow-on issues to enhance liquidity, market depth
The Securities & Exchange Board of India's plan to roll out norms for follow-on offers by real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) is expected to provide an additional avenue for fundraising and liquidity to these business trusts.
Brookfield India REIT Q1 Results: Net operating income at Rs 245 cr, distribution at Rs 164 cr
Brookfield India REIT has achieved gross leasing of 2.98 lakh sq ft during the quarter including 63,000 sf of new leasing and 2.35 sq ft of renewals. The REIT witnessed average escalation of 9.1% on 1.7 million sq ft leased area.
Brookfield India REIT to raise Rs 400 cr via preferential issue
According to a regulatory filing on Friday, the board of Brookprop Management Services Pvt Ltd approved issuance of up to 1,26,96,800 units of Brookfield India REIT at a price of Rs 315.04 per unit to Project Diamond Holdings (DIFC) Ltd on a preferential basis for consideration other than cash.
Brookfield India REIT plans to raise up to Rs 1,150 cr in addition to QIP
Brookfield India REIT is planning to raise an additional up to Rs 1,150 crore through a combination of preferential issue of units to its sponsor group and commercial paper following its qualified institutional placement (QIP) worth Rs 2,305 crore earlier this week.
Warburg Pincus leads race for Brookfield BPO
Warburg is competing with other investors such as BPEA EQT-backed Sagility and Veritas Capital, they added. If completed, the buyout will be the largest in India by Warburg Pincus, the fund that started the private equity rush in the country with its successful investment in Bharti Airtel. However, no exclusivity has been signed between the two parties. ET first reported on May 29 on Warburg Pincus' interest in Everise.
Avaada secures $2.44 billion from REC for energy transition projects
Avaada will utilize the REC investment to spearhead its renewable energy projects across India in the next few years. These ventures include green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind, and hybrid projects.
Brookfield-Digital Realty JV to invest Rs 2,000 crore to develop data center in Mumbai
BAM Digital Realty, a joint venture between Brookfield Infrastructure and Digital Realty, is investing over Rs 2,000 crore to develop a data center with a capacity of 35 MW IT load in Mumbai. The company's second data center in India will bring its total capacity to 135 MW, with the first 20 MW data center in Chennai due to launch at the end of 2023.
Adani Group looks to monetise 'non-core' real estate assets
The Adani Group is exploring the possibility of monetising parts of its real estate holdings that have been internally flagged as non-core to its operations, said two people directly aware of the development. The group has already identified some such assets and is in the process of adding more to the list, the people said. These will be sold based on the need for funds to invest in the new real estate projects it is taking up, they said.
GIC buys Phoenix's Hyderabad IT Park for Rs 1,050 crore
Singapore's sovereign wealth fund, GIC, has purchased an information technology-special economic zone in Hyderabad's Gachibowli district from Phoenix Group for $141m. The deal includes the entire development of Phoenix Aquilla, which has two towers that are spread over 1.8 million sq ft. The first tower, covering 700,000 sq ft, has already been completed and leased.Load More
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