Brookfield REIT raises $235m from anchor investors ahead of IPO
People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, in this May 7, 2014 file photo. REUTERS/Mark Blinch Premium
Brookfield India Real Estate Investment Trust raised ₹1,710 crore from anchor investors on Tuesday, ahead of the opening of its initial public offer (IPO), that aims to raise a total of ₹3,800 crore.
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The company has 75% of Gross Contracted Rentals contracted with multi-national corporations such as Accenture, Barclays, RBS, TCS and Cognizant and the REIT has mark-to-market headroom of 36% to achieve further organic growth through contractual lease escalations.
The initial portfolio comprises 14.0 msf (10.3 msf completed area, 0.1 msf of under construction area and 3.7msf of future development potential. It has rights to acquire a further 8.3 msf and rights of first offer on an additional 6.7 msf, both currently owned by members of the Brookfield Group.
Of the Brookfield Initial Portfolio, 75% of gross contracted rentals are contracted with MNCs such as Barclays, Bank of America Continuum, RBS, Accenture, TCS and Cognizant, with the tenant base operating in a diverse range of industries like technology, financial services, consulting etc. Initial Portfolio has a same store commitment occupancy of 92% with a long 7.1-year (Weighted Average Lease Expiry) WALE.
Ventura
All you need to know about Brookfield REIT IPO:
Bids can be made for a minimum lot of 200 units and in multiples of 200 units thereafter by bidders other than the units subscribed for by anchor investors.
The units are proposed to be listed on BSE and NSE.
The public issue s net proceeds will be utilised for partial or full pre-payment or scheduled repayment of the existing debt of asset special purpose vehicles.From marquee multinational clients to weak financials, high debt on books and potential slowdown in demand for commercial space here s what analysts have to say about the IPO
Brookfield REIT IPO subscribed 15% on Day 1
The Rs 3,800 crore IPO of Brookfield REIT received bids for 1,15,12,600 shares against the issue size of 7,62,78,200 units, as per the exchange data
BusinessToday.In | February 3, 2021 | Updated 20:16 IST
Brookfield REIT IPO to close on Friday
The initial public offer (IPO) of Brookfield India Real Estate Trust (REIT) started on a slow note, with only 15 per cent of the issue being subscribed on the first day. The Rs 3,800 crore IPO received bids for 1,15,12,600 shares against the issue size of 7,62,78,200 units, as per the exchange data.
The Brookfield REIT IPO opened for subscription on Wednesday with a price band of Rs 274-275 per unit. The issue is likely to close on Friday. Bids can be made for a minimum lot of 200 units and in multiples of 200 units, which amounts to a minimum application size of Rs 55,000 at the upper end of the price band. The shares are proposed to be listed on BSE and NSE.
Mingtiandi
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Brookfield’s REIT portfolio is anchored by Kensington office park in Mumbai
This Wednesday sees the initial public offering of Brookfield India REIT, which hopes to raise INR 3,800 crore ($520 million) as it becomes just the third real estate investment trust to trade on the Indian stock exchanges.
The REIT, sponsored by an affiliate of Canada-based Brookfield Asset Management, has a price band of INR 274-275 per share for the IPO at a minimum lot size of 200 shares. The share issue is to open on 3 February and close on 5 February before the shares list on the BSE and the NSE on 17 February.