British Columbia Investment picks up Rs 2,000 cr stake in Brookfield’s tower InvIT via block deal

Canadian pension fund British Columbia Investment (BCI) on Friday picked up a 4.8% stake in Brookfield’s tower infrastructure investment trust (InvIT) - Data Infrastructure Trust - through a block deal worth approximately Rs2,000 crore, said sources aware of the development.

This is the second time BCI has picked up a stake in the Brookfield tower InvIT.

Earlier on 9 August, BCI had picked up around 2% stake in the tower InvIT, when Brookfield sold its shares through an offer for sale raising Rs2,331 crore, the first such transaction by an InvIT in India.


BCI now holds around 7% stake in Data Infrastructure Trust.

Brookfield has sold over 10% stake through the two transactions, which are aimed at bringing its stake in the InvIT down to 75% to meet minimum public shareholding norms. BIF IV Jarvis India Pte. Ltd, a Brookfield entity and the sponsor of the InvIT, held a 88% stake in the trust prior to the two secondary trades.

The infrastructure investment trust mainly comprises telecom towers with Reliance Jio as the anchor tenant.

The Brookfield tower investment is BCI’s second investment in an infrastructure investment trust in India this year.

In April, British Columbia Investment participated in the Rs5,225.8 crore (approx $630 million) fundraise of Cube Highways InvIT, a roads trust sponsored by infrastructure investor I Squared Capital.

Brookfield declined to comment. A spokesperson for British Columbia Investment could not be immediately reached for a comment.

Investment bank Axis Capital advised Brookfield on the share sale.

In 2019, Brookfield signed an agreement with Reliance to invest Rs25,125 crore in telecom tower assets of the conglomerate, which were housed under the InvIT, then known as Tower Infrastructure Trust.

The Reliance Jio towers comprise 97% of the trust’s assets. The trust holds a portfolio of over 151,000 towers.

In March 2022, the trust acquired Crest Digital, an indoor coverage solutions provider in India, for a consideration of around Rs 900 crore.