Hi­ranan­dani’s Powai realty as­sets may go for $1 bil­lion to Brook­field

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - HT Cor­re­spon­dent letters@hin­dus­tan­times.com

The Hi­ranan­dani Group is close to sell­ing its prime of­fice and re­tail as­sets in Powai to Cana­dian al­ter­nate as­set man­ager Brook­field in a deal val­ued at around $1 bil­lion (Rs6,700 crore), in one of In­dia’s largest real es­tate deals. An an­nounce­ment is ex­pected soon, people in­volved with the de­vel­op­ment said.

The Hi­ranan­dani Group re­fused to com­ment, while a mail sent to Brook­field re­mained unan­swered till the time of go­ing to press. Un­der the pro­posed deal, Hi­ranan­da­nis will sell 4.5 mil­lion square feet of of­fice and re­tail as­sets in Powai, an up­mar­ket lo­cal­ity that has res­i­den­tial and com­mer­cial com­plexes. The com­mer­cial as­sets are leased out to clients, in­clud­ing IT ma­jor Tata Con­sul­tancy Ser­vices, in­vest­ment bank No­mura and con­sult­ing firm Deloitte.

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