Brookfield to launch ₹3,800 crore REIT IPO on 3 February
1 min read 28 Jan 2021, 12:22 PM ISTThe proceeds from the issue will be used for partial or full repayment of existing debt, the company said in its offer document.
PremiumMUMBAI : Brookfield India Real Estate Trust, backed by Canadian asset manager Brookfield Asset Management Inc, will raise ₹3800 crore through initial public offering (IPO).
The issue will open on 3 February and close on 5 February, Brookfield said in an advertisement on Thursday. The issue price will be between ₹274-275 per unit of the REIT.
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The proceeds from the issue will be used for partial or full repayment of existing debt, the company said in its offer document.
Currently BPG Holdings Group Inc, a Brookfield entity, holds 99% stake in the REIT.
This will be the third REIT IPO after the successful listing of Blackstone Group Inc backed Mindspace Business Parks REIT last year and Embassy Office Parks REIT in 2019.
In fiscal year 2020, Brookfield REIT posted a profit of Rs15.12 crore against a loss of ₹15.75 crore a year ago. Total income rose 5.54% from a year ago to ₹981.40 crore. As of March 2020, the company has a total debt of ₹6952.07 crore.
Brookfield manages nearly $578 billion assets globally. In India, it owns and operates a portfolio of infrastructure and real estate assets, including 22 million square feet of office properties. It also owns seven toll roads totaling more than 600 km of roadway, solar and wind assets, a construction business and real estate management service business.
Bank of America, Citigroup Inc and Morgan Stanley are managing the IPO.
