In a major booster to the country’s real estate sector, the Canada-based Brookfield Asset Management is all set to invest Rs 800 crore in Bengaluru-based developer Total Environment Building Systems‘ portfolio of six projects spread over 3 million sq ft, said sources, adding that the portfolio includes a mix of middle income and luxury residential projects with 7 million sq ft of residential projects under development, expected to be completed by 2021. It has so far delivered 30 projects across Bengaluru and Pune. Last year, Brookfield Asset Management had concluded an agreement to acquire Hiranandani Group‘s offices and retail space in the Powai suburb for around $1 billion or Rs 6,700 crore, making it India‘s largest office space transaction. Large global institutional investors, including Blackstone Group, Brookfield Asset Management, GIC, Canada Pension Plan Investment Board (CPPIB), Goldman Sachs and Qatar Investment Authority have already been investing aggressively in Indian real estate assets over the last few years.
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