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Brookfield Asset Management has expanded its footprint in Mumbai, acquiring another floor in Godrej BKC for INR 370.25 crore under the IBC process. Exercising its right of first refusal, Brookfield now controls three contiguous floors-about 250,000 sq ft-along with parking rights and Jet Airways' former board seat for the building. The deal comes amid surging BKC rents, now INR 650-700 per sq ft per month. Brookfield's earlier two floors, bought in 2020, are leased to tenants like World Bank and PayPal. The firm has also secured a prime two-acre plot in BKC, reinforcing its long-term strategy in Mumbai's premium office market.
Brookfield Asset Management has subtly increased its presence in Mumbai's Bandra-Kurla Complex by securing another office floor in Godrej BKC even as Jet Airways' insolvency case played out. The acquisition, executed under the IBC and overseen by the NCLT, was possible after Brookfield matched Bank of Baroda's winning bid through its right of first refusal, paying INR 370.25 crore. Advertisement
This brings Brookfield's control in the 19-storey tower to three contiguous floors totaling about 250,000 sq ft along with dedicated parking rights and Jet Airways' former seat on the building's management board. The acquired floor had previously been sealed over unpaid dues but was de-sealed under NCLT direction earlier this year. Despite being sold on an "as-is-where-is" basis, the space attracted multiple interested tenants during bidding.
Rental values in BKC have surged up around 30 percent in recent years driven by limited new supply and strong demand from corporates and financial firms. Current asking rents range between INR 650 and INR 700 per sq ft per month on a carpet area basis, marking BKC as one of Mumbai's priciest office zones.
Brookfield had already acquired two floors in the same tower back in 2020 for INR 490 crore; those are now leased to established names like World Bank and PayPal, offering stable rental returns. This move builds on Brookfield's broader strategy recently, the firm also secured a prime two-acre plot (C-80) in BKC with potential for over 360,000 sq ft of development, cementing its ambitions in the city's top commercial real estate hub.
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