Brookfield teams up with Hyderabad-based Incor to jointly develop large mixed-use property

HYDERABAD: Canadian asset management firm Brookfield has teamed up with the Hyderabad-headquartered realty firm Incor to jointly develop a large mixed-use property involving at least Rs 1,000-crore investment, three persons aware of the matter told ET.

"This is the first large project that the Canadian firm is taking up after it has recently agreed to acquire the Indian asset management business of the New Yorkbased private equity fund AIG Global Real Estate," said one of the persons, who did not wish to be named.

"While Brookfield owns the land parcel valued at over Rs 300 crore close to Forum Sujana Mall in Kukatpally, Incor will spend around Rs 700 crore on building the mixed-use property. "The deal, which was facilitated by the global real estate consultancy Jones Lang La salle (JLL), re flects the revival of confidence among global players in the Hyderabad market after nearly six years of hiatus owing to political uncertainty surrounding regional movements.

JLL Hyderabad's managing director Sandip Patnaik and Incor's co-founder Anand Reddy refused to confirm the deal and the particulars, citing confidentiality agreements they normally sign with partners.

The $200-billion Brookfield also refused to offer comments, saying, "The corporate policy at Brookfield is to decline comment on market rumour and speculation.

"The deal also marks the second-largest transaction subsequent to the formation of the Telangana state after it was bifurcated from Andhra Pradesh in June 2014. My Home Group had signed a deal with DLF to build a mixed-use property last year, involving over Rs 1,500-crore investment.