Brookfield Brings India’s Third REIT
Canadian investment giant Brookfield Asset Management has filed a draft offer document with market regulator SEBI to monetise it’s Indian rental assets via a REIT or real estate investment trust lPO. This is the third REIT offering in India after the Embassy Office Parks REIT backed by Blackstone and the Mindspace REIT also backed by Blackstone and developer K Raheja Corp. The documents have been filed with the market regulator and the plan is to raise between Rs 4,000 to Rs 4,500 crore. The final amount may vary at a later stage depending on the valuations. The plan is to launch the IPO by 2020 end or early 2021. It will be a combination of fresh issue and offer for sale. The exact timing depends on feedback from Sebi and the investors. There are a total of 11 merchant banks working on this issue which is looking to monetise around 14 million square feet of assets in the initial REIT portfolio. Morgan Stanley, HSBC, BofA Securities and Citi are the global co-ordination book running lead managers or GCBRLM’s.
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