Shardul Amarchand Mangaldas & Co (SAM), DSK Legal, PricewaterhouseCoopers and MDP Associates advised on Brookfield Asset Management’s investment in BSS Property Ventures and Rajeshwar Property Ventures (the project companies).
The project companies currently own 2.4 hectares of prime land in Powai, Mumbai, with more than one million square feet of permissible floor space, valued at around USD100 million.
SAM advised Brookfield Asset Management, through its flagship real estate funds Brookfield Strategic Real Estate Partners and Brookfield Strategic Real Estate Partners Asia, on the transaction involving a controlling investment in shares and a primary investment in non-convertible debentures in the project companies.
Partner Jay Gandhi led the transaction team, supported by principal associate Namrata Mehta, senior associates Akshath Vidyanath, Shruti Khetan, and associates Samyukta Shetty, Yashvardhan Mittal and Mahinder Udasi. The team had additional support from partners Veena Sivaramakrishnan, Mohit Bhatia, Bhoumick Vaidya, Lalan Gupta and Atika Vaz along with their associates.
The transaction involved a complex debt resolution that was completed via an escrow mechanism under which various lenders and charge holders of the promoters and project companies were paid.
DSK Legal advised on the real estate aspects of the deal, and PricewaterhouseCoopers acted on tax and financial matters. Vatsal Merchant and MDP Associates, led by managing partner Ashok Paranjpe, counselled the project companies.
