Brookfield Asset Management will acquire the office and retail assets of Hiranandani Developers Private Limited in Mumbai’s Powai suburb for a sum of $1 billion (approximately Rs 6,675 crore), Mint reported on Friday. The deal for the 4.5 million square feet of office and retail space in the suburb will be completed within four to six months, according to a spokesperson for Hiranandani.

The spokesperson said the transaction would take time to complete because the Indian property developer was going through a restructuring process, according to the report. Earlier, co-owner Niranjan Hiranandani had said that the company had been exploring options to create value for its properties. The Indian company was a partnership between Niranjan and his brother, Surendra Hiranandani.

Canada-based Brookfield has been “active in the Indian real estate market for many years”, according to an expert quoted by PTI. The person added that the deal between the two sides “can be viewed as a strategic move” as it comes after the central government eased norms for the creation of real estate investment trusts. Brookfield had also recently expressed its willingness to double its existing asset base in India, saying that it would invest over $2 billion (approximately Rs 13,350 crore) in the country in the next two to three years.