Brookfield Asset Management Inc. is pushing to record a actual property funding belief in Mumbai earlier than the tip of this yr, which might elevate as a lot as 38 billion rupees ($513 million), based on individuals conversant in the matter.
The Canadian asset supervisor has obtained good response from traders together with sovereign wealth funds and pension managers at roadshows previously two weeks, one of many individuals stated. Brookfield plans to proceed gauging investor demand for 3 extra weeks earlier than continuing with a retail supply, the individual stated.
While Brookfield is focusing on to finish the providing by the tip of the yr, the deal might nonetheless be delayed if there’s any sudden market volatility, the individuals stated, who requested to not be recognized as the knowledge is personal. A consultant of Brookfield declined to remark citing laws.
A profitable providing will add to India’s rising variety of REIT listings, together with the Blackstone Group Inc.-backed Mindspace Business Parks REIT. The debut of Embassy Office Parks REIT final yr marked the nation’s first such itemizing because the regulator saved tweaking guidelines to make the automobile extra enticing to builders and traders. REITs have opened a fundraising avenue for India’s cash-starved property sector.
Brookfield despatched out phrases for the Indian REIT providing in September, Bloomberg News has reported. The IPO may also include a secondary difficulty of an undisclosed quantity by promoting unit holders. The phrases didn’t specify any itemizing timeline.
Brookfield, which manages $550 billion in property globally, owns and operates about 22 million sq. ft of workplace properties in India, based on its web site. It additionally operates toll roads, photo voltaic and wind property in addition to a building enterprise within the South Asian nation. Last month, the asset supervisor agreed to amass 12.5 million sq. ft of rent-yielding workplaces and co-working areas from an Indian developer for $2 billion.