Brookfield India Real Estate Trust Launches Rs 1,500 Cr QIP
Brookfield India Real Estate Trust (BIRET) launched its qualified institutional placement (QIP) issue to raise Rs 1,500 crore. BIRET is among four listed REITs on the Indian stock exchanges. Its portfolio comprises five large campus-format office parks located in Mumbai, Gurugram, Noida, and Kolkata. The portfolio consists of 18.7 million square feet comprising 14.3 million square feet of completed area, 0.6 million square feet under construction, and 3.9 million square feet with future development potential. In May, BIRET and GIC announced the acquisition of two assets in Mumbai and Gurugram with a built-up area of 6.5 million square feet. These two assets are presently owned by Brookfield Asset Management's private real estate funds. The two properties are Brookfield's Downtown Powai, which is a portfolio of nine commercial properties spread over three clusters with 2.7 million square feet of operational area, and 0.1 million square feet of area under expansion, and Candor Techspace in Gurugram, which has over 3.7 million square feet of operational space.
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