One of the world’s largest property investors is sealing a $1 billion deal in Mumbai. Here are the details

One of the world's largest property and infrastructure investors, Brookfield Asset Management, is all set to buy Hiranandani Developers’ commercial real estate assets, mostly tenanted office buildings, located in Powai near Mumbai. The deal is said to be worth $1 billion (approx Rs 6,700 crore).

The global investor is looking forward to owning office properties with stable yields in world’s fastest growing economy.

As per reports, the asset manager from Canada is just a few weeks away from acquiring 100% ownership of the 4.5 million-sq-ft business park. The deal, when done, would be the single largest commercial property acquisition in India. The money coming from this acquisition would help brothers Niranjan and Surendra Hiranandani monetize their marquee commercial assets.

Other potential suitors for the property included Canadian Pension Plan Investment Board and Blackstone, but Brookfield put forward an aggressive offer to grab this offer, its third Indian buyout after Unitech Corporate Parks and Gammon's road and power assets.

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