Brookfield India Real Estate Trust raises over ₹2,300 crore through QIP
₹2,300 crore through Qualified Institutional Placement (QIP) of Units. The firm further noted that the proceeds from the placement will be directed toward financing the announced acquisition of two large commercial assets from Brookfield Asset Management’s private real estate funds, it said in a stock regulatory filing.
“We thank the institutions that have shown their support for the fundraise which expands and diversifies our investor base and stands as a testament to the quality of office portfolio we have built in the country," Ankur Gupta, Managing Partner, Head of Real Estate for the APAC region at Brookfield said. “We are grateful to our unitholders for the support and vote of confidence in the growth strategy for the REIT, which will further strengthen BIRET’s presence across India," said Alok Aggarwal, Chief Executive Officer, Brookprop Management Services Private Limited.
Apart from this, the manager of Brookfield India Real Estate Trust -- Issue Committee of the Board of Directors of Brookprop Management Services Private Limited -- even approved the issuance and allotment of 9.13 crore new units through this QIP to 64 eligible investors on 2 August 2023. Earlier on 28 May 2023, BIRET and GIC announced they will acquire two large commercial assets from Brookfield Asset Management’s private real estate funds in an equal partnership with GIC for a combined enterprise value of ₹11,225 crore.
The acquisition comprises commercial properties in Brookfield’s Downtown Powai, Mumbai, and Candor TechSpace (G1) Gurugram. To fund the acquisitions, BIRET launched a QIP on 27 July 2023.
This is a breaking story, it will be updated shortly. Get the best recommendations on Stocks, Mutual Funds and more based on your Risk
. Read more on livemint.com
