Brookfield Capital Partners, private equity arm of Brookfield Asset Management, has invested Rs 800 crore in Bengaluru-based real estate developer Total Environment Building Systems’ portfolio of five projects spread over 4.5 million square feet.
The deal was closed last week, two persons familiar with the development told ET on condition of anonymity. They said the fundraising will allow L&T Finance to exit the projects in which it had invested Rs 255 crore. Dev Santani, senior vice president (real estate) at Canada-based Brookfield Asset Management, declined comment, citing corporate policy.
Kamal Sagar, managing director at Total Environment Building Systems, did not share financial details of the transaction either. However, he said, “This will be a structured transaction with upside share after three years. The portfolio includes a mix of middle income and luxury residential projects in Bangalore that are due to be launched this year.”
Additionally, the company has a portfolio of seven under-construction projects totalling 3,500 units, he said. Brookfield Asset Management is executing several other large transactions for its private equity business in the residential segment that are expected to be closed in coming quarters, said one of the persons cited earlier.
