Brookfield REIT plans $600 million IPO
Global asset management major Brookfield will file for a USD 600 million (around Rs 4,440 crore) initial public offering for its real estate investment trust (REIT), merchant banking sources said on Thursday. The Canadian asset manager is filing the Draft Red Herring Prospectus (DRHP), making it the third REIT to be listed in the country after Embassy Office Parks and Mindspace, they added.
The REIT is sponsored fully by Brookfield and the company is set to raise up to USD 600 million, the sources told PTI.
Typically, an asset manager lists assets against which the company keeps getting steady rentals and such a move helps the company get some of the invested capital released.
The Brookfield REIT is likely to list by mid-December or early January, the sources said.
At present, the REIT has total assets of 14 million square feet, of which 10 million sq ft is completed. Cities, where it has invested, are Mumbai, Gurugram, Noida and Kolkata and includes key properties like Kensington SEZ and Hiranandani Gardens, Powai.
The global coordinators for the issue include Bank of America, Citi, Morgan Stanley and HSBC, the sources said.