Global law firm White & Case LLP has advised the bookrunning lead managers on the Qualified Institutions Placement (QIP) of units in Brookfield India Real Estate Trust (Brookfield REIT), aggregating INR 35 billion (approximately US$390 million).
"This transaction marks one of the largest capital raises by an Indian REIT," said White & Case partner Rahul Guptan, who co-led the Firm's deal team. "The strong demand from both domestic and foreign institutional investors – with the offering subscribed more than three times – underscores the continued confidence in India's commercial real estate sector. As our latest engagement with Brookfield REIT since its initial public offering, this deal highlights not only our longstanding relationship with Brookfield REIT but also its continued role at the forefront of landmark capital markets activity in India."
Sponsored by an affiliate of Brookfield Corporation, Brookfield REIT is India's first institutionally managed public commercial real estate vehicle.
Proceeds from the offering, which was conducted in accordance with Rule 144A and Regulation S under the U.S. Securities Act of 1933 (as amended) and listed on the BSE Limited and the National Stock Exchange of India Limited, will be used to fund the acquisition of Ecoworld, a Grade A, 48.1 acre, 7.7 million square feet office campus on Outer Ring Road (ORR), Bengaluru, as well as for debt repayment and general corporate purposes.
Following the acquisition, Brookfield REIT is expected to become one of the largest office REITs in India and Asia based on operating portfolio size and gross asset value.
The lead managers were Kotak Mahindra Capital Company Limited, JM Financial Limited, Jefferies India Private Limited, Elara Capital (India) Private Limited, and 360 ONE WAM Limited.
The White & Case team which advised on the transaction was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore), and included partner Steven Gee (New York) and associates Yuning Zhou (Hong Kong), Ji Yang Lim (Singapore), Daniel Park (New York) and Jiawei Zheng (Mexico City).
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