Canadian asset manager Brookfield Asset Management-backed Brookfield India Real Estate Trust (REIT) will open its initial public offer (IPO) for subscription from February 3 to February 5. The company plans to raise Rs 3,800 crore through an IPO.
Brookfield India Real Estate Trust IPO will be the third REIT listing after Blackstone Group Inc backed Mindspace Business Parks REIT last year and Embassy Office Parks REIT in 2019.
BSREP India Office Holdings V Pte. Ltd is the promoter of the company that holds 99% stake in the REIT. The issue price will be between Rs 274-275 per unit of the REIT. The Brookfield India REIT market lot size is 200 shares, which translates into a minimum application size for retail investors at Rs 55,000 at the upper end of price band.
Link Intime India Private Ltd is the registrar for the REIT. Bank of America, Citigroup Inc and Morgan Stanley are managing the IPO. The proceeds from the issue will be used for partial or full repayment of existing debt, the company said in its DHRP.
The shares are proposed to be listed on BSE and NSE on February 17, 2021. The finalisation of Basis of Allotment for Brookfield India REIT will be done on February 11, 2021, and the allotted shares will be credited in applicant's demat account by February 12, 2021.
In the fiscal year 2020, Brookfield REIT posted a profit of Rs 15.12 crore against a loss of Rs 15.75 crore in a year-ago period. Its total income rose 5.54% from a year ago to Rs 981.40 crore. The company has a total debt of Rs 6952.07 crore, as of March 2020.
Multi-national corporations like Barclays, Bank of America Continuum, RBS, TCS, Cognizant, and Accenture are some of the clients of Brookfield India Real Estate Trust. The company has campus-format office parks strategically located in Mumbai, Noida, Gurugram, and Kolkata.
Yash Gupta Equity Research Associate, Angel Broking said,"REIT owns an initial portfolio of 4 large campus format office parks which are located in Mumbai, Gurugram, Noida and Kolkata. Reit has an initial portfolio size of 14.o Msf, comprising 10.3 Msf of completed area, 0.1 under development and 3.7 Msf of future development. This will be the 3rd REIT to be listed in India after Embassy and Mindspace."