Brookfield India Real Estate Trust share price started trading with a marginal premium at Rs 281.70 on the National Stock Exchange, on February 16, against issue price of Rs 275. On the BSE, the stock was opened at Rs 275.05.
The REIT, sponsored by an affiliate of Brookfield Asset Management, raised Rs 3,800 crore through a public issue which was subscribed 7.94 times during February 3-5.
Institutional as well as other investors provided strong support to the issue as their reserved portion was subscribed 4.78 times and 11.74 times respectively.
This is India’s third REIT listing and second in the country during the ongoing pandemic. The proposed issue will be India’s first REIT which is 100% managed by an institution.
Anchor investors including global entities like Schroders and Prusik and domestic financial institutions such as HDFC AMC, SBI Life, Tata AIG, HDFC Life, Kotak Mahindra AMC and Bajaj Holdings had committed investment at Rs 275 per unit.
The company, according to its offer document, will use the net proceeds from the issue towards scheduled repayments and general purposes. Its initial portfolio comprises four large campus-format office parks in Mumbai, Gurugram, Noida and Kolkata, totaling 14 million square feet.
Brookfield REIT is India’s only institutionally managed public commercial real estate vehicle and is sponsored by an affiliate of Brookfield Asset Management, which is one of the world’s largest alternative asset managers, with approximately $575 billion in assets under management as of September 2020