Brookfield India Real Estate Trust raises over Rs. 2,300 crore through Qualified Institutional Placement of Units

Brookfield India Real Estate Trust (Tickers: BSE: 543261, NSE: BIRET) ("BIRET"), India's first 100% institutionally managed REIT, has successfully completed a capital raise of Rs. 2,305 crore through a QIP.

The qualified institutional placement saw strong demand from existing as well as new Indian and global investors. Proceeds from the placement will be directed toward financing the announced acquisition of two large commercial assets from Brookfield Asset Management's private real estate funds.

Ankur Gupta, Managing Partner, Head of Real Estate for the APAC region at Brookfield said, "We thank the institutions that have shown their support for the fund raise which expands and diversifies our investor base and stands as a testament to the quality of office portfolio we have built in the country."

"We are grateful to our unitholders for the support and vote of confidence in the growth strategy for the REIT, which will further strengthen BIRET's presence across India," said Alok Aggarwal, Chief Executive Officer, Brookprop Management Services Private Limited (Manager of Brookfield India Real Estate Trust).

The Issue Committee of the Board of Directors of Brookprop Management Services Private Limited, the manager of Brookfield India Real Estate Trust, approved the issuance and allotment of 9.13 crore new units through this QIP to 64 eligible investors on August 2, 2023.

On 18 May 2023, BIRET and GIC announced they will acquire two large commercial assets (totaling 6.5 million square feet) from Brookfield Asset Management's private real estate funds in an equal partnership with GIC for a combined enterprise value of Rs 11,225 crore (c.US$1.4 billion). The acquisition comprises commercial properties in Brookfield's Downtown Powai, Mumbai, and Candor TechSpace (G1) Gurugram. To fund the acquisitions, BIRET launched a QIP on July 27, 2023.

BofA Securities India, Morgan Stanley India Company, Kotak Mahindra Capital Company, Citigroup Global Markets India, Axis Capital, Jefferies India, JM Financial, SBI Capital Markets, IIFL Securities, BOB Capital Markets, and ICICI Securities served as Book Running Lead Managers for this placement.

Shares of Brookfield India Real Estate Trust REIT was last trading in BSE at Rs. 262.09 as compared to the previous close of Rs. 263.02. The total number of shares traded during the day was 13645 in over 480 trades.

The stock hit an intraday high of Rs. 263.83 and intraday low of 261.00. The net turnover during the day was Rs. 3577959.00.

Source : Equity Bulls

Keywords

BrookfieldIndiaRealEstateTrust FundRaising QIP REIT