Brookfield Asset Management to acquire 100% holdings in Unitech Corporate Parks

April 4
9:21 AM 2014

Canada’s Brookfield Asset Management has been looking to buy 100 percent stake in Unitech Corporate Parks. Unitech is a real estate investment company focused in India listed in the London bourse.

ET said citing people close to the matter that Brookfield would acquire 60 percent holdings in Unitech’s subsidiary unit Candor Investments. Brookfield will also purchase 40 percent stake in Unitech Corporate Parks, said sources who told ET.

The source said, "The current market cap of UCP, which owns 60% of the assets, is around GBP139.05 million and the deal with Brookefield will likely be at a premium to this.”

The person was also quoted by ET saying, “Brookefield already owns 16.65% in Candor and is seeking to buyout stakes from other investors that include RBS AA Holdings (UK) Limited (20.08%), SC Fundamental (13.69%), Roveda Holdings (9.01%) and Morgan Stanley Inv Mgmt (UK) (3.32%). Unitech also holds 13.62% in Candor through a company called Nectrus, which it is willing to sell.”

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