Singapore's GIC, Brookfield India buy $1.4b of commercial property

BANGKOK -- Singapore's sovereign wealth fund GIC and Brookfield India Real Estate Investment Trust have joined hands to acquire commercial properties in India, marking the first partnership between a global institutional investor and a listed REIT in the country.

One of Asia's largest sovereign wealth funds and the India-based REIT will obtain a couple of Grade-A assets, totaling 603,870 sq. meters at an aggregate enterprise value of $1.4 billion, from private real estate funds of New York-listed Brookfield Asset Management, according to a statement on Friday.