Brookfield India Real Estate Trust (REIT) will open its initial public offering (IPO) for subscription on February 3, 2021. This will be India's third REIT IPO after Mindspace Business Parks REIT in 2020 and Embassy Office Parks REIT in 2019.
Brookfield REIT, backed by Canadian asset manager Brookfield Asset Management, has fixed the price band at Rs 274-275 per unit. Investors, other than anchor investor, can bid for a minimum of 200 units and in multiples of 200 units thereafter. This translates into a minimum application size for retail investors at Rs 55,000 at the upper price band.
Brookfield aims to raise up to Rs 3,800 crore from the issue, which will close on February 5. The company will utilise the proceeds to repay debts and general purposes, it said in a release.
The units of Brookfield REIT are proposed to be listed on BSE and National Stock Exchange of India.
Brookfield REIT is India’s only institutionally managed public commercial real estate vehicle. The REIT has an initial portfolio size of 14.0 million square feet (msf), comprising 10.3 msf of completed area, 0.1 under development and 3.7 msf of future development.
The REIT owns an initial portfolio of four large campus format office parks which are located in Mumbai, Gurugram, Noida and Kolkata.
Axis Trustee Services Ltd is the trustee, while BSREP India Office Holdings V Pte. Ltd. is the sponsor. Brookprop Management Services Private Ltd is the manager.
The Global Coordinators and Book Running Lead Managers to the issue are Morgan Stanley India Company Private Ltd, BofA Securities India Ltd, Citigroup Global Markets India Private Ltd and HSBC Securities and Capital Markets (India) Private Ltd.
The Book Running Lead Managers to the issue are Ambit Private Ltd, Axis Capital Ltd, IIFL Securities Ltd, JM Financial Ltd, J.P. Morgan India Private Ltd, Kotak Mahindra Capital Company Ltd and SBI Capital Markets Ltd.
(Edited by : Jomy)
First Published: IST