Brookfield REIT debuts flat on stock exchanges

Brookfield REIT made a flat debut on the stock exchanges today. The initial public offering from the Brookfield India Real Estate Investment Trust (REIT), which opened on February 3, was signed 8 times. It received bids of 60,59,44,400 units against the 7,62,78,200 units offered. The units traded flat at $275.30 at BSE. The original public offering from Brookfield India REIT had a price range of $274-275 pcs.

REITs aims to attract investment in the real estate sector by monetizing rental property assets. It helps unleash the enormous value of real estate assets and enable retail participation.

The Brookfield REIT will be a third of such confidence to be listed in the country. The first embassy office park REIT, supported by Blackstone and the Embassy Group, was listed in April 2019 after erection $4,750 crore. Mindspace Business Parks REIT, owned by K Raheja and Blackstone, was listed last August and had traveled $4,500 crore.

Brookfield India hit the capital market with its public REIT edition to travel up to $3,800 crore. Earlier, Brookfield India’s REIT appeared $1,710 crore from anchor investors.

The category intended for institutional investors was drawn 4.80 times and the category for other investors 11.78 times.

The net proceeds from the public issue will be used for partial or full prepayment or planned repayment of the existing debt of special purpose vehicles. (With the agency’s input)

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