The Brookfield India Real Estate Trust (Brookfield REIT) Issue opens Feb 3, 2021 and closes on Feb 5,2021. The Issue size is of Rs 3800 cr. It is a fresh issue of units aggregating up to Rs 3800 cr. The offer size is a fresh issue of Rs 3800 cr. The price band is Rs 274-275 per share and the Bid Lot is of 200 units and in multiple thereof. The Issue structure includes Institutional Investor Portion Not more than 75% of the issue and the non-Institutional Investor Portion is not less than 25% of the issue. Sponsor is BSREP India Office Holdings V Pte. Ltd. Manager of the issue is Brookprop Management Services Private.

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Global coordinators and book running Lead Managers Morgan Stanley, BofA Securities, Citigroup Global, HSBC Securities. Book Running Lead Managers are Axis Capital, Ambit Pvt. Ltd., IIFL Securities, JM Financial, J.P. Morgan India, Kotak Mahindra Capital, SBI Capital Markets.

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The Brookfield India Real Estate Trust (Brookfield REIT) is coming out with a REIT issue, which comprises fresh issues of units aggregating up to Rs 3800 cr. Net proceeds of the Issue, i.e. gross proceeds of the fresh issue less the offer expenses apportioned to the company (“Net Proceeds”) are proposed to be utilised for Partial or full pre-payment or scheduled repayment of the existing indebtedness of its Asset SPVs of Rs 3575 cr and for general corporate purposes.

About the Company:

The Brookfield REIT has been settled by its Manager (solely as the settlor, on behalf of its sponsor) for the initial contribution. It was settled on July 17, 2020 at Mumbai, Maharashtra, India as a contributory, determinate and irrevocable trust under the provisions of the Indian Trusts Act, 1882, pursuant to a trust deed dated July 17, 2020. Pursuant to the Formation Transactions, its Initial Portfolio is proposed to be acquired and held by the Brookfield REIT through their Asset SPVs. Their 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.

Key Features:

Portfolio Overview:

Company’s initial portfolio comprises 14 msf, with rights to acquire a further 8.3 msf and rights of the first offer on an additional 6.7 msf, both currently owned by members of the Brookfield Group. The Brookfield REIT owns an Initial Portfolio of 4 large campus - format office parks, which are “businesscritical”, located in Mumbai, Gurugram, Noida and Kolkata.

Their initial portfolio’s completed area has a same store committed occupancy of 92% (and a 87% Committed occupancy, which includes the recently completed 0.5 msf at Candor Techspace N1) and leased to marquee tenants with 75% of Gross Contracted Rentals contracted with multinational corporations such as Barclays, Bank of America Continuum, RBS, Accenture, Tata Consultancy Services and Cognizant.
Currently, the near-term completion of construction is de-risked as a majority of it has received the occupation certificate and the balance has achieved full financial closure with key approvals in place and expected completion by September 2021.