Brookfield India Real Estate Trust (BIRET), a Real Estate Investment Trust (REIT) said it had completed a capital raise of ₹2,305 crore through a qualified institutional placement (QIP).
Existing and new Indian and global investors participated in the QIP.
Proceeds from the placement would be directed towards financing the announced acquisition of two large commercial assets from Brookfield Asset Management’s private real estate funds, the entity said.
BIRET and GIC announced on May 18 that they would acquire two large commercial assets (totaling 6.5 million square feet) from Brookfield Asset Management’s private real estate funds in an equal partnership with GIC for a combined enterprise value of ₹11,225 crore.
The acquisition comprises commercial properties in Brookfield’s Downtown Powai, Mumbai, and Candor TechSpace (G1) Gurugram. To fund the acquisitions, BIRET had unveiled a QIP on July 27, 2023.
Ankur Gupta, Managing Partner, Head of Real Estate for the APAC region at Brookfield, said the fund raise has expanded and diversified the investor base and “stands as a testament to the quality of office portfolio we have built in the country.”
The Issue Committee of the Board of Directors of Brookprop Management Services Private Limited, the manager of Brookfield India Real Estate Trust, approved the issuance and allotment of 9.13 crore new units through this QIP to 64 eligible investors on August 2, 2023.
