Brookfield India Real Estate Trust IPO

The Brookfield REIT (Real Estate Investment Trusts) is India’s only institutionally managed public commercial real estate company. It is sponsored by an affiliate of Brookfield Asset Management (BAM), one of the world’s largest alternative asset managers with approximately $575 billion in assets under management as of September 2020.

The REIT owns an initial portfolio of four large campus-format office parks, strategically located in some of India’s key gateway markets – Mumbai, Gurugram, Noida and Kolkata. Its initial portfolio totals 14.0 msf, comprising 10.3 msf of completed area, 0.1 msf of under construction area and 3.7 msf of future development potential. Initial portfolio’s completed area has a same store committed occupancy of 92 percent (and a 87 percent committed occupancy, which includes the recently completed 0.5 msf at Candor Techspace N1) and is leased to marquee tenants with 75 percent of gross contracted rentals contracted with multi-national corporations such as Barclays, Bank of America Continuum, RBS, Accenture, Tata Consultancy Services and Cognizant.

Morgan Stanley India Co. Pvt., DSP Merrill Lynch Ltd., Citigroup Global Markets India Pvt. and HSBC Securities and Capital Markets (India) Pvt. are the global coordinators and book-running lead managers to the issue.
The net proceeds from the public issue will be utilized for partial or full pre-payment or scheduled repayment of the existing debt of Asset SPVs (special purpose vehicles).

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