Brookfield India REIT Raises Rs 3,500 cr in Funding

Brookfield India Real Estate Trust has raised Rs 3,500 crore (around $415 million) by selling units to institutional investors, including the International Finance Corporation, the private investment arm of the World Bank Group.

In a regulatory filing today, the company announced that it has successfully raised ₹3,500 crore through a qualified institutional placement (QIP) of units to reduce debt.

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The issue received strong interest from long-term investors, including institutions, mutual funds, and life insurance companies.

The real estate investment trust (REIT) owned by Canadian firm Brookfield Asset Management Inc. sold around 127.74 million units at Rs 274 each to 51 investors. In addition to IFC, buyers included state-owned Life Insurance Corporation, SBI Mutual Fund, and ICICI Prudential Mutual Fund, according to a stock-exchange filing by the REIT.

“The funds raised will be used primarily for reduction of leverage, creating headroom for acquiring high-quality assets and enabling us to execute on our long-term strategic vision,” said Alok Aggarwal, MD and CEO of the REIT. 

This is the second institutional placement by Brookfield India Real Estate Trust since its IPO in 2021. In August 2023, it raised over Rs 2,300 crore to acquire the Downtown Powai (Mumbai) and Candor TechSpace (G1) Gurugram properties from Brookfield Asset Management’s private real estate funds, in a joint partnership with Singapore's sovereign wealth fund, GIC.

Kotak Mahindra Capital Company Limited, Elara Capital (India) Private Limited and Avendus Capital Private Limited were the lead managers to the issue.

Brookfield, based in Toronto, manages a portfolio of nearly $27 billion in India. Its Indian portfolio includes $9 billion in real estate, $12 billion in infrastructure, and $3 billion each in renewable energy and private equity/credit. Recently, it acquired a 7.7% stake in Indian developer Nirlon Ltd to expand its local portfolio.

About Brookfield

Brookfield is a top global investment firm that invests for institutions and individuals worldwide, helping them build long-term, sustainable wealth. With our background in owning and operating high-quality businesses, we use our special expertise to grow the businesses we own for the benefit of our clients.

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