|Bid||33.87 x 3200|
|Ask||33.87 x 900|
|Day's Range||33.61 - 34.25|
|52 Week Range||21.57 - 45.61|
|Beta (5Y Monthly)||1.08|
|PE Ratio (TTM)||72.77|
|Forward Dividend & Yield||0.48 (1.42%)|
|Ex-Dividend Date||Aug 28, 2020|
|1y Target Est||41.82|
Moody's Investors Service, (Moody's) has today assigned a Aa2 rating to the senior secured amortising bonds (the Bonds) to be issued by Galaxy Pipeline Assets Bidco Ltd (Galaxy BidCo, or the Issuer). Galaxy BidCo purchased, in July 2020, a 47.7% interest in ADNOC Gas Pipeline Assets LLC (AssetCo). AssetCo, a limited-purpose entity under the laws of Abu Dhabi, Government of (Government of Abu Dhabi, Aa2 stable), United Arab Emirates, Government of (Government of United Arab Emirates, Aa2 stable), entered into a 20-year agreement (expiring June 2040) with Abu Dhabi National Oil Company (ADNOC) to lease a network of 38 onshore pipelines covering 982.3km in Abu Dhabi.
The Canadian asset management company Brookfield Asset Management Inc (NYSE: BAM) is reshuffling its real estate portfolio with multiple deals.In one deal, it is considering the sale of 2.3 million square feet of life sciences real estate for $3 billion, according to Bloomberg.In a separate transaction, it invested $2 billion in real estate in the Indian subcontinent, reports Reuters.What Happened: Brookfield is in talks to dispose of the life sciences property it acquired in 2018 from Forest City Realty Trust Inc, according to Bloomberg. However, no official comments have been made yet.The asset manager has also entered into a $2 billion purchase agreement with a privately-owned Indian real estate firm RMZ Corp, for acquiring 18% of the latter's portfolio. This deal is Brookfield's largest investment in India, and it includes RMZ's CoWrks portfolio of rent yielding commercial properties and co-working spaces in two Bangalore and Chennai.Why Does It Matter: In September, Bloomberg reported that Life sciences realty has proven to be more stable in comparison to commercial office space.On Monday, Brookfield entered into a $10 billion strategic partnership with insurance company American Equity Investment Life Holding Company (NYSE: AEL) for buying a 20% stake in the insurance company.Last week, alternative asset manager and Brookfield market peer Blackstone Group Inc (NYSE: BX) announced the sale of its life sciences realty company BioMed Realty for $14.6 billion, generating a profit of approximately $6.5 billion in four years.Price Action: BAM shares dropped marginally by 0.12% to close at $33.69 Monday.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * American Equity Agrees To Sell 20% Stake To Brookfield, Snubbing Athene's Takeover Bid(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Brookfield Asset Management will buy an Indian developer’s commercial properties for $2 billion, the biggest real estate deal in the South Asian nation.The Canadian asset manager is acquiring 12.5 million square feet of rent-yielding offices and co-working spaces from RMZ Corp., the privately held developer said in a statement on Monday. The Indian firm said it will have zero debt after the transaction and will use the money to expand its portfolio.Large foreign investors are buying into the Indian office market in recent years. Since 2011, the segment has garnered $15.4 billion of equity investments, according to property research firm Knight Frank. Blackstone last week signed a non-binding agreement to buy some assets, a deal Bloomberg News previously reported could be worth $2 billion.The transaction “accentuates the unabating strength and resilience of the commercial office business,” Arshdeep Singh Sethi, RMZ’s managing director, said in the statement.The firm plans to expand its real asset portfolio to 85 million square feet over the next six years from 67 million square feet. Some of the clients in RMZ’s technology and business parks include Accenture, Google and HSBC. It is selling properties in the southern Indian cities of Bengaluru and Chennai.A representative for Brookfield confirmed the contents of RMZ’s statement. The alternative asset manager, which says it owns and operates 22 million square feet of office properties in India, has picked banks for an initial public offering of its India real estate investment trust that could raise at least $500 million, Bloomberg reported in July.(Updates with RMZ comment in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.