UPDATE 1-Canada's Brookfield Business Partners acquires Modulaire Group for $5 billion

(Adds details from statement)

June 27 (Reuters) - Canada's real estate service provider Brookfield Business Partners announced on Sunday an agreement to acquire UK-based Modulaire Group IPO-MODU.L, which is backed by private equity firm TDR capital, for $5 billion.

Brookfield’s investment will be funded with about $1.6 billion of equity and the company intends to fund about $500 million, with the balance funded by institutional partners, the company said.

Modulaire Group, an infrastructure services company, said the transaction is expected to close in the fourth quarter.

Modulaire’s current management team will remain with the company following its acquisition by Brookfield Business Partners, the company said. (Reporting by Sabahatjahan Contractor in Bengaluru Editing by Matthew Lewis and Nick Zieminski)