Brookfield India Real Estate Trust (BIRET) has announced plans to acquire 7.7 million sq ft of commercial assets in Bengaluru’s Ecoworld campus for ₹13,125 crore, marking its entry into one of India’s strongest office markets.

The proposed related-party transaction, to be executed on an arm’s length basis, will expand BIRET’s portfolio by over 30% and strengthen its position as a pan-India office platform, the company said in a regulatory filing, news agency PTI reported.

In a regulatory filing on November 4, the company said the Board of Directors of Brookprop Management Services Pvt Ltd, which is the manager of BIRET, approved the acquisition of up to 100 per cent of the issued and paid-up equity share capital of Arliga Ecoworld Business Parks Pvt Ltd at an acquisition price of ₹1,31,250 million from the existing shareholder of Ecoworld SPV.

The existing shareholders of Ecoworld SPV are BSREP III New York FDI I (DIFC) Ltd (including its nominee, BSREP III New York II (DIFC) Limited), forming part of the Brookfield group.

“Building on our strong inorganic growth track record, we announced the proposed acquisition of Ecoworld, which is a 48-acre, 7.7 million square feet office campus located on the Outer Ring Road in Bengaluru,” said Alok Aggarwal, the chief executive officer and managing director of Brookfield India Real Estate Trust.

“This acquisition will mark our entry into one of India’s strongest office markets, expanding the size of our REIT by over 30 per cent and positioning us as a truly pan-India platform.

“Our embedded growth prospects remain strong with continued leasing momentum, making us well-positioned to deliver value to our unit holders,” he added.

BIRET manages 10 Grade A assets in Delhi, Mumbai, Gurugram, Noida, and Kolkata.

The Brookfield India REIT portfolio consists of 29.1 million square feet of total leasable area, comprising 24.6 million square feet of operating area, 0.6 million square feet of under construction area and 3.9 million square feet of future development potential.