IFC invests in Brookfield India REIT’s Rs.3,500-Cr QIP

Brookfield India Real Estate Trust (Brookfield India REIT) has raised INR 3,500 crore through a Qualified Institutional Placement (QIP) issue to foreign institutional investors, mutual funds, and life insurance companies. The issue marks the first Real Estate Investment Trust (REIT) investments in India from the International Finance Corporation (IFC) and Life Insurance Corporation of India.The total demand secured from investors stood at over INR 5,200 crore, of which INR 3,500 crore was allotted. Investors including IFC, SBI Mutual Fund and ICICI Prudential Mutual Fund related entities have contributed 23.86% each to the total issue size, while LIC of India’s investment amounted to 14.29% of the issue.Post transaction, IFC, SBI Mutual Fund and ICICI Prudential Mutual Fund entities will own 5% each, while LIC of India will hold 3% in the REIT.Kotak Mahindra Capital Company, Avendus Capital and Elara Capital (India) served as the lead managers for the issue.