Brookfield India Raises Over Rs 2,300 Crore Via QIP

Brookfield India Real Estate Trust said on Wednesday that it completed a capital raise of Rs 2,305 crore through a qualified institutional placement.

The real estate investment trust said that the proceeds from the placement would be directed towards financing the acquisition of two large commercial assets from Brookfield Asset Management's private real-estate funds.

The issue committee of the board of directors of Brookprop Management Services Pvt., the manager of Brookfield India, approved the issuance and allotment of 9.13 crore new units through this QIP to 64 eligible investors.

On May 18, Brookfield India and Singaporean sovereign wealth fund GIC announced 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 for a combined enterprise value of Rs 11,225 crore.

The acquisition comprises commercial properties in Brookfield’s Downtown Powai, Mumbai, and Candor TechSpace Gurugram. To fund the acquisitions, Brookfield India launched a QIP on July 27.

BofA Securities India, Morgan Stanley India, Kotak Mahindra Capital, Citigroup Global Markets India, Axis Capital, Jefferies India, JM Financial, SBI Capital Markets, IIFL Securities, BOB Capital Markets and ICICI Securities served as book running lead managers for this placement.