Brookfield takes over residential project in Mumbai

21 Jul 2020 CW Staff

Global alternative investment manager Brookfield Asset Management has taken over realty developer Peninsula Land鈥檚 equity stake in its premium project 鈥楽alsette 27鈥� in Mumbai鈥檚 Byculla locality.

鈥淭his transaction has resulted in reduction in the company's debt obligations to Brookfield by Rs 539.14 crore鈥he remaining NCDs of Rs 20 crore will be repaid to Brookfield from the proceeds of another completed project of the company, over the next 18 months,鈥� Peninsula Land said in a regulatory filing.

In 2016, the Canadian institutional investor had invested Rs 450 crore in the project through non-convertible debentures in 2016 marking its first investments into Indian residential real estate.

The developer鈥檚 total debt obligation towards the same stood at Rs 559.14 crore including the principal of Rs 450 crore and accrued interest of Rs 109.14 crore.

The company is looking to reduce its debt, which currently stands around Rs 1,400 crore, further through sale and monetisation of its investments.

With this transaction, the Ashok Piramal Group company has met its obligations to Brookfield and has also separately entered into a service agreement to continue developing and selling the said project for the special purpose vehicle Goodtime Real Estate.

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