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AIG to sell India real estate business to Brookfield - report

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AIG Global Real Estate has reportedly agreed to sell its India asset management business to Canada's Brookfield Asset Management. The financial terms of the transaction, which is likely to be completed by the end of this month, are not known.

According to The Economic Times, all four employees of the AIG fund in India will join Brookfield. Bamasish Paul - the India managing director of AIG Global Real Estate - will become a senior vice-president and continue to manage the portfolio.

Paul - who has 15 years of experience in private equity and real estate in the country - is likely to report to Anuj Ranjan, senior vice-president and country head at Brookfield Asset Management in India.

The acquisition is expected to help Brookfield build its real-estate platform in India. The firm currently has over $175 billion in assets under management globally. According to its website, it currently has around $100 billion of real estate assets and interests in over 340 million square feet of commercial space across North America, Brazil, Europe and Australasia.

AIG invested $200 million across five projects from its $300 million India fund between 2007 and 2009. So far it has exited three: a mixed-use project in Bangalore, a commercial property in Kolkata and a 75-acre plot in Kochi. Its two remaining projects are located in Hyderabad and Chennai.

 

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