Digital Realty Trust: Digital Realty/Brookfield JV Buys Land for $30.8m in Chennai, India

Feb 21, 2022 | Posted by Abdul-Rahman Oladimeji

According to India’s Economic Times. Digital Realty and Brookfield Asset Management’s joint venture in India has secured the purchase of 10 acres of land in Chennai. The companies acquired the land for over Rs 230 crore (~$30.8m). It is to be used for the development of a data center. One of the sources close to the deal said the purchase doesn’t include any third-party transaction advisor. The land previously belonged to an automobile forging manufacturing firm. 

Both companies formed the new JV in July last year. They called the venture BAM Digital Realty. The JV aims to develop data centers in India. BAM Digital Realty also revealed that their first line of action is to acquire land in major Indian metros. True to its word, the company has been active ever since as it acquired a 30-acre land in Navi Mumbai for $81 million in August last year. It is also exploring further acquisitions.