Canadian Brookfield buys property in Mumbai for Rs 750 crores

According to two people familiar with the development, Canada’s Brookfield Mumbai Asset Management is the owner of a large real estate spread over 9.67 acres in Mumbai, with a luxury hotel of Rs 750 crore from Mars Enterprises and Sanjay Narang, owned by Sanjay.

With the hotel properties, The Gordon House and Rocky Manor are looking to sell properties in the Andheri East Sahara Street for the last seven days, with the Orange Hotel of Scotland, which has popular hotels like Pizza by the Bay and the Around the Corner.

Waterstones hotels and 5-star boutique Mumbai clubs occupy half of the 9.67 acres of area, while the remaining undeveloped plots.

The first person said that Brookfield has signed a Memorandum of Understanding with Narang to buy the entire land which includes the hotel along with the empty land, saying that the asset management company “paid a symbolic amount “.

Brookfield spokeswoman refused to comment, while on Saturday the email inquiry to Narang was unanswered.

“They (Brookfield) used to comply with the deal because there is the ability to develop a commercial office space in the open land,” the second person said.

The second person said that Toronto-based company, which is building its business portfolio in India, is likely to use the land to develop an office space of 1.3 million square feet.

Brookfield, who has built 25 million square feet of office space in India in the last six years, manages the property of $ 3.5 billion.

This deal has happened at a time when many major global funds and real estate developers are ready to buy fully leased commercial properties to take advantage of the growing demand for office space in the country.

Looking at the lack of new supplies and the availability of quality assets, eager to establish relationships with developers to create an office on many empty plots.

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