Brookfield REIT makes flat debut on stock exchanges

Brookfield REIT

Brookfield REIT today made a flat debut on stock exchanges. The initial public offer of Brookfield India Real Estate Investment Trust (REIT), which opened on February 3, got subscribed 8 times. It received bids for 60,59,44,400 units against 7,62,78,200 units on offer. The units were trading flat at ?275.30 at BSE. The initial public offer of Brookfield India REIT had a price band of ?274-275 apiece.

REITs are aimed at attracting investment in the real estate sector by monetising rent-yielding assets. It helps unlock the massive value of real estate assets and enable retail participation.

Brookfield REIT will become third such trust to be listed in the country. The first one Embassy Office Parks REIT, backed by Blackstone and Embassy group, got listed in April 2019 after raising ?4,750 crore. Mindspace Business Parks REIT, owned by K Raheja and Blackstone, was listed in August last year and had raised ?4,500 crore.

Brookfield India hit the capital market with its REIT public issue to raise up to ?3,800 crore. Earlier, Brookfield India’s REIT mopped up ?1,710 crore from anchor investors.

The category meant for institutional investors was subscribed 4.80 times and those for other investors 11.78 times.

The net proceeds from the public issue will be utilised for partial or full pre-payment or scheduled repayment of the existing debt of asset special purpose vehicles. (With Agency Inputs)

News Source:- livemint

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