Brookfield India REIT raises Rs 2,305 crore through sale of units to 64 institutional investors

economictimes.indiatimes.com:

Brookfield India Real Estate Trust has raised Rs 2,305 crore by selling units to institutional investors on private placement basis and will mainly use this fund for acquisition of two assets in Gurugram and Mumbai. In a regulatory filing, Brookprop Management Services Pvt Ltd, which is manager to Brookfield India REIT, informed that the issue committee has approved the allotment of 9,13,01,349 units to 64 successful eligible institutional investors, at the issue price of Rs 252.50 per unit. The names of investors were not disclosed.

The issue price includes a discount of Rs 13.29 per unit (which is 5 per cent) on the floor price of Rs 265.79 per unit. «Pursuant to the allotment of the units in the issue, 42,63,88,422 units are issued and outstanding,» the filing said. Brookfield India Real Estate Trust (Brookfield India REIT) had opened the issue on July 27 for receiving bids.

Last month, the unitholders had approved raising of funds through an institutional placement of units not exceeding Rs 3,500 crore in one or more tranches. In May, Brookfield India REIT and Singapore's GIC announced an equal partnership to acquire two commercial properties in India for USD 1.4 billion or Rs 11,225 crore. The two assets in Mumbai and Gurugram have a built-up area of 6.5 million square feet, and are owned by Brookfield Asset Management's private real estate funds.