Brookfield India REIT Secures ₹2,600 Crore in QIP Backed by Major Investors
IFC, others back Brookfield REIT's QIP
The Economic TimesImage: The Economic Times
Brookfield India Real Estate Trust is raising ₹2,600 crore (approximately $312 million USD) through a qualified institutional placement (QIP), with participation from major investors including the International Finance Corporation and HDFC Life Insurance. The funds will be used for acquisitions and debt repayment, following a successful response from investors.
- 01Brookfield India REIT is raising ₹2,600 crore through a QIP.
- 02The issue size was increased by 30% due to strong investor demand.
- 03Funds will support acquisitions and debt repayment.
- 04The REIT's operational assets have grown significantly since its 2021 listing.
- 05Major investors include IFC, HDFC Life, and Axis Max Life.
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Brookfield India Real Estate Trust is set to raise ₹2,600 crore (approximately $312 million USD) through a qualified institutional placement (QIP), with backing from prominent investors such as the International Finance Corporation (IFC), HDFC Life Insurance, and Axis Max Life Insurance. Initially launched with a base size of ₹2,000 crore, the offering was increased by 30% due to robust demand from investors, with around 90% of the book allocated to long-only investors, primarily domestic institutional investors. The funds raised will be utilized for strategic acquisitions and debt repayment, following the REIT's recent successful purchases, including the Ecoworld office park in Bengaluru and the Candor TechSpace portfolio in Gurgaon, Noida, and Kolkata. Since its public listing in 2021, Brookfield India REIT has expanded its operational assets from 10 million sq ft to over 32 million sq ft, reflecting a 35% increase in gross asset value. The lead managers for the QIP include Kotak Mahindra Capital, JM Financial, and Avendus Capital.
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The successful QIP will enable Brookfield India REIT to enhance its portfolio through strategic acquisitions, which could lead to increased job opportunities and economic activity in the regions where it operates.
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