Brookfield India Real Estate Trust files draft document with SEBI

The units are proposed to be listed on BSE and NSE under applicable guidelines.

Oct 01, 2020 08:10 IST India Infoline News Service

The Brookfield REIT is India’s only institutionally managed public commercial real estate vehicle, filed its draft offer document with SEBI. This will be the third REIT offer after Embassy and Mindspace REITs

Sponsored by an affiliate of Brookfield Asset Management (“BAM”), one of the world’s largest alternative asset managers with approximately US$550 billion in assets under management, as of June 30, 2020, their goal is to be the leading owner of high-quality income-producing commercial real estate assets in key gateway Indian markets, which have significant barriers to entry.

Over the last two decades, India has emerged as a leading hub for technology and corporate services due to a highly skilled and young workforce and a distinct competitive cost advantage. With approximately 90 million people expected to be added to the workforce by 2030, this structural driver will further increase office absorption, creating compelling opportunities across the commercial real estate market in India.

The Initial Public Offer consists of Units of Brookfield India Real Estate Trust (the “Brookfield REIT”) consisting of a fresh issuance aggregating up to Rs38,000 million (“Fresh Issue”) and an additional component for an offer for sale. Issue structure envisages participation of wide spectrum of investors like Strategic Investors, Institutional investors (including Anchor investors) and non-institutional investors

The gross proceeds of the Fresh Issue will be utilised towards Partial or full pre-payment or scheduled repayment (in accordance with the deployment of Net Proceeds specifics mentioned in the draft document) of the existing indebtedness of Asset SPVs; and for General purposes to the extent allowed by regulations.

Morgan Stanley India Company Private Limited, DSP Merrill Lynch Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited are the Global Co-coordinators and Book Running Lead Managers to the Issue. Ambit Private Limited, Axis Capital Limited, IIFL Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Issue.

The units are proposed to be listed on BSE and NSE under applicable guidelines.

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