NEW DELHI: Brookfield India Real Estate Trust (Brookfield India REIT) has completed a capital raise of Rs 3,500 crore through a qualified institutional placement of units.
The issue marked the first REIT investments in India from the International Finance Corporation (part of the World Bank group) and Life Insurance Corporation of India. Other anchor investors included SBI Mutual Fund and ICICI Prudential Mutual Fund.
The total demand secured from investors was over Rs 5,200 crore, of which Rs 3,500 crore was allotted.
“The funds raised will be used primarily for reduction of leverage creating headroom for acquiring high-quality assets,” said Alok Aggarwal, chief executive officer and managing director of the company.
Kotak Mahindra Capital Company, Avendus Capital and Elara Capital (India) served as the lead managers for the issue.
The issue committee of the board of directors of Brookprop Management Services, the manager of Brookfield India REIT, approved the issuance and allotment of 12.77 crore new units through this QIP on December 12, 2024.
In August 2023, BIRET raised over Rs. 2,300 crore through QIP to acquire Brookfield’s Downtown Powai, Mumbai, and Candor TechSpace (G1) Gurugram from Brookfield Asset Management’s private real estate funds in an equal partnership with GIC.
