Brookfield Asset Management is to sell 6.5 million square feet of commercial property in India to its listed real estate investment trust, Brookfield India REIT, and Singapore’s GIC for an enterprise value of $1.4 billion.

The properties being acquired are in Hiranandani Gardens in the suburb of Powai, and Candor TechSpace in Gurugram.

Businessline had earlier reported that Brookfield Asset Management was in talks with GIC for the sale of the assets it had acquired from the Hiranandani group in 2019.

Though Brookfield REIT had right of first offer for the assets, ownership has been restructured in order to facilitate the current transaction, which involves a partnership between the REIT and GIC.