Mumbai: International Finance Corporation (IFC), Whiteoak Capital, HDFC Life Insurance, Axis Max Life Insurance and PPFAS Mutual Fund will be among investors participating in Brookfield India Real Estate Trust's ₹2,600 crore qualified institutional placement (QIP), people with direct knowledge of the matter said.
The issue, started with a base size of ₹2,000 crore, was raised by 30% under the green-shoe option. It will close this week.
"The issue size was increased on Friday following the robust response from investors. Around 90% of the book is allocated to long-only investors and a large part of the overall book is for domestic institutional investors," said one of the people. The offering has drawn participation from a mix of global and domestic institutional investors, he said.
The listed REIT is raising the funds to support its growth through acquisitions and for debt repayment. It has so far raised more than ₹13,000 crore through five institution placements since 2023.
The trust's recent acquisitions include the Ecoworld office park in Bengaluru, the Candor TechSpace portfolio across Gurgaon, Noida and Kolkata, and an additional tower at Candor TechSpace N2 in Noida. In December, Brookfield India REIT completed the acquisition of a 100% stake in Ecoworld, a 7.7 million sq ft Grade A office campus located on the Outer Ring Road in Bengaluru. The acquisition increased the REIT's operating area and consolidated gross asset value by 35%.
The REIT's operational assets portfolio has increased to more than 32 million sq ft from 10 million sq ft at the time of its public listing in 2021.
Kotak Mahindra Capital, JM Financial, and Avendus Capital are the lead managers to the QIP.
ET's emails to World Bank member IFC, Whiteoak Capital, HDFC Life Insurance, Axis Max Life Insurance and PPFAS Mutual Fund remained unanswered at press time Sunday. Brookfield India REIT declined to comment.
The issue, started with a base size of ₹2,000 crore, was raised by 30% under the green-shoe option. It will close this week.
"The issue size was increased on Friday following the robust response from investors. Around 90% of the book is allocated to long-only investors and a large part of the overall book is for domestic institutional investors," said one of the people. The offering has drawn participation from a mix of global and domestic institutional investors, he said.
The listed REIT is raising the funds to support its growth through acquisitions and for debt repayment. It has so far raised more than ₹13,000 crore through five institution placements since 2023.
The trust's recent acquisitions include the Ecoworld office park in Bengaluru, the Candor TechSpace portfolio across Gurgaon, Noida and Kolkata, and an additional tower at Candor TechSpace N2 in Noida. In December, Brookfield India REIT completed the acquisition of a 100% stake in Ecoworld, a 7.7 million sq ft Grade A office campus located on the Outer Ring Road in Bengaluru. The acquisition increased the REIT's operating area and consolidated gross asset value by 35%.
The REIT's operational assets portfolio has increased to more than 32 million sq ft from 10 million sq ft at the time of its public listing in 2021.
Kotak Mahindra Capital, JM Financial, and Avendus Capital are the lead managers to the QIP.
ET's emails to World Bank member IFC, Whiteoak Capital, HDFC Life Insurance, Axis Max Life Insurance and PPFAS Mutual Fund remained unanswered at press time Sunday. Brookfield India REIT declined to comment.
