Brookfield takes over Peninsula Land’s residential project Distress sale or strategic exit?

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In a recent development, global alternative investment manager Brookfield Asset Management has taken over realty developer Peninsula Land’s equity stake in its premium project Salsette 27 in Mumbai’s Byculla locality. As stated in an exchange filing by Peninsula Land Management,this transaction has resulted in reduction of the company's debt obligations to Brookfield by Rs 5.39 billion. The filing further stated that the remaining non-convertible debentures (NCDs) of Rs 200 million will be repaid to Brookfield from the proceeds of another completed project of the company over the next 18 months.

As far as this debt repayment is considered, in 2016, Brookfield had invested Rs 4.50 billion in the project through NCDs, marking its first investment in Indian residential real es