 "Brookfield India REIT raises Rs 750 cr via issue of commercial papers")
Brookfield India Real Estate Trust has raised Rs 750 crore through issue of commercial papers to partly fund acquisition of two properties in Mumbai and Gurugram.
According to a regulatory filing, Brookfield India Real Estate Trust has issued and allotted 15,000 dematerialised, rupee denominated, listed and rated commercial papers, aggregating to Rs 750 crore at a face value of Rs 5 lakh each.
Recently, the company said it has a financial commitment in place for the acquisition of two large commercial assets, totalling 6.5 million square feet, in an equal partnership with GIC, from Brookfield Asset Management's private real estate funds.
The company has already raised Rs 2,305.4 crore through the Qualified Institutional Placement (QIP).
It plans to raise Rs 400 crore through preferential allotment to the sponsor group.
The acquisitions of Downtown Powai, Mumbai and Candor TechSpace (G1) Gurugram will add significant scale and diversification to its portfolio, the company said, adding that the transaction is on track to close in the second quarter of this fiscal.
Brookfield India Real Estate Trust has five office parks in Mumbai, Gurugram, Noida, and Kolkata. Its portfolio consists of 18.7 million square feet comprising 14.3 million square feet of completed area, 0.6 million square feet of under construction and 3.9 million square feet of future development potential.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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