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Brookfield Asset Management to rally USD 500-700 mn

Monday, 27 Jul 2020
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Brookfield Asset Management is planning to raise USD 500-700 million by listing a real estate investment trust in India before the end of FY21.

The process for monetising Indian assets through REIT listing has already started. The proposed REIT is expected to be listed by the end of March 2021.

At USD 700 million, this will be India’s largest REIT issue so far. The Canadian alternative asset management company owns and operates a portfolio of infrastructure and real estate assets in India, including 22 million sq ft of office properties.

The assets to be bundled with the offering, along with the size, percentage of dilution and other factors, are being worked out.

India’s REIT segment is gaining momentum and Brookfield’s will likely be the third such offering in the country. Large real estate portfolio owners are increasingly looking at monetising their assets and gearing up to list part of their holdings in India following the successful listing and performance of Embassy Office Parks, the maiden REIT.

The REIT backed by the Embassy Group and the Blackstone Group has generated returns of over 22 percent since listing in 2019.

India’s second REIT issue, Mindspace Business Parks, which is backed by K Raheja Corp and Blackstone has opened and expects to raise Rs 4,500 crore.

Brookfield’s proposed REIT will be the first to be backed by a global institutional investor other than Blackstone.

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