Brookfield India Reit raises over ₹2.3K cr | Mint
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Business News/ Companies / News/  Brookfield India Reit raises over 2.3K cr
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Brookfield India Reit raises over ₹2.3K cr

Some of the marquee existing and new investors that invested in the QIP include HDFC Life Insurance, HDFC Mutual Fund, SBI, 360 One (formerly IIFL), Morgan Stanley Asia and Ashoka India Opportunities Fund among others.

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MUMBAI : Brookfield India Real Estate Trust (BIRET) has raised over 2,305 crore through qualified institutional placement. The significant investor interest led to a 50% upsizing of the offer, the company said.

The base size of the issue was around 1,500 crore.

Some of the marquee existing and new investors that invested in the QIP include HDFC Life Insurance, HDFC Mutual Fund, SBI, 360 One (formerly IIFL), Morgan Stanley Asia and Ashoka India Opportunities Fund among others.

This comes after the REIT took board and unitholder’s approval to raise up to 3,500 crore through a QIP.

According to the company, the 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. Brookfield REIT manages 14.3 million sq. ft. of completed real estate assets in India, while another 6 lakh sq. ft. is under construction and another 39 lakh sq. ft. is in the pipeline.

“The fund raise expands and diversifies our investor base and stands as a testament to the quality of office portfolio we have built in the country," said Ankur Gupta, managing partner, head of Real Estate for the APAC region at Brookfield.

Earlier in May, BIRET and GIC announced they will acquire two large commercial assets (totalling 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 11,225 crore ($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 27 July 2023. Around 9.13 crore new units were allotted through this QIP to 64 eligible investors on Wednesday. A discount of around 5% to the floor price of 265.79 per unit

This is significant given how domestic institutional investors and global FPIs have been rushing in to fuel the current bull run. With some quality companies accessing the market, the fund raising through block deals and QIPs have seen record high volumes in the first quarter of FY24.

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Published: 02 Aug 2023, 09:28 PM IST
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