Brookfield may invest Rs. 800 crore in Total Environment

Brookfield may invest Rs. 800 crore in Total Environment
11/08/2017 , by , in News/Views

Canada-based Brookfield Asset Management may invest Rs. 800 crore in six projects of Bengaluru-based developer Total Environment Building which are spread over 3 million sq ft, according to media reports.

This will be a structured debt transaction with an equity kicker. The portfolio includes a mix of middle income and luxury residential projects. Total has 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.

According to reports, the deal is at an advanced stage right now and is likely to be inked over the next two weeks. Funds raised will be used to retire certain debt of the company and the SPVs involved.

Last year, Total raised Rs 200 crore debt from L&T Finance. It has also raised Rs 300 crore in equity funding ($48 million) from the offshore fund of HDFC Capital.

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