Brookfield India REIT to raise Rs 3,500 crore by selling units to investors

28 Jul 2023 , 10:10 AM

Brookfield India Real Estate Trust has launched a private placement offering to raise up to Rs 3,500 crore by selling units to institutional investors to fund the acquisition of two sites in Gurugram and Mumbai. 

Brookprop Management Services Pvt Ltd, the manager of Brookfield India REIT, stated in a regulatory filing that the issue committee of its board of directors approved the launch of the issue for bids on July 27.

In this regard, the panel approved and adopted the preliminary placement document as well as the application form. According to the document, it also approved a floor price of Rs 265.79 per unit. The number of units for sale was not specified in the filing.

Unitholders authorized raising cash last month through an institutional placement of up to Rs 3,500 crore in one or more tranches. The committee took note of the letter from BSREP II India Office Holdings II Pte Ltd (a sponsor Group member) expressing support for the Kairos Property Managers and Candor Gurgaon One Realty Projects purchases.

Brookfield India REIT and Singapore’s GIC established a joint venture in May to acquire two commercial properties in India for USD 1.4 billion (Rs 11,225 crore). Brookfield Asset Management’s private real estate funds own the two assets in Mumbai and Gurugram, which have a total built-up area of 6.5 million square feet.

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