Brookfield India REIT raises ₹2,300 crore via QIP to fund acquisition of two assets

August 2, 2023

Brookfield India Real Estate Trust has raised ₹2,305 crore through a qualified institutional placement of shares to fund the acquisition of 50 per cent stake in two assets from its parent Brookfield Asset Management.

In May, Brookfield India REIT and Singapore’s GIC had announced the acquisition of two commercial assets of 65 lakh sq ft for a value of $1.4 billion. Subsequent to that, the REIT had taken board’s and unitholder’s approval to raise up to ₹3,500 crore through a QIP.

The REIT said it has issued 9.13 crore new units to 64 investors, at an issue price of ₹252.50 per unit — a discount of about 5 per cent to the floor price of ₹265.79 per unit.

The base size of the issue was ₹1,500 crore and due to the strong demand it was upsized, it said. The REIT’s board will be meeting again on Friday to consider more fund raising options, according to a notification to the exchanges.

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.

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