Brookfield puts $100 million in Incor’s projects in Hyderabad
Canada-based private equity firm Brookfield Capital Partners has invested $100 million in two residential projects of Incor Infrastructure in Hyderabad.
“This transaction will help us grow our portfolio of operating projects at a faster pace while creating more value for stakeholders, especially our customers,” said G Anand Reddy, cofounder of Hyderabad-based Incor Infrastructure. “A proportion of the deal will also be used to give an exit to some of the current investors.”
The two residential projects have developmental potential of 6 million sq ft and are expected to be completed by 2022, Reddy said.
“The money will be invested from the global pool of capital of Brookfield. It is a structured instrument with equity upside,” two people aware of the development said, adding that the transaction will be spread across multiple projects—one being the existing projects in Hyderabad totalling 6 million sq ft of builtup area (3 million sq ft already constructed and another 3 million sq ft to be constructed in four years). The other being Incor’s soon-to-be-launched project in Bolarum, Hyderabad, comprising about 1,100 apartments spread over 12 acres.