Three sources said Brookfield India Real Estate Investment Trust (REIT) (BROF.NS) had hired eight investment banks to raise $400 million in stock by July.
Brookfield’s Indian REIT maintains 18.7 million square feet (1.7 million square meters) of office parks and towers in Mumbai, Kolkata, and Gurugram near New Delhi. Accenture, Amazon, and Samsung Electronics are tenants.
Last month, the trust told India’s stock exchanges it sought to raise $425 million for a $1.4 billion buy of 6.5 million square feet of Indian offices with Singapore’s GIC. It supplied no schedule or funding details.
According to insiders, the Indian REIT has begun a qualified institutional placement to raise funds from mutual funds and insurance firms by July. However, private negotiations prevented the sources from naming themselves.
According to reports, Morgan Stanley (MS.N), Citigroup (C.N.), Bank of America (BAC.N), Jefferies (JEF.N), and local rivals Kotak, IIFL, J.M. Financial, and Axis Capital are mandatory banks.
A Brookfield spokeswoman declined to comment beyond its exchange disclosure last month. Morgan Stanley and Citi refused to comment, while the other banks did not answer.
One of three sources reported preliminary investment conversations. REITs manage real estate and use the rent to pay investors.
After the COVID-19 outbreak, office space demand has increased, prompting the sale.
Last month, Blackstone-backed Nexus Select Trust (NEXE.NS) floated in India, and Lodha (MACE.NS) raised $400 million in December.
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