About Brookfield India Real Estate Trust (BIRET)
BIRET is India’s only listed Institutionally managed Trust, run by Brookfield Asset Management, one of the largest Real Estate investors in the world. The REIT manages popular office spaces like Kensington in Powai Mumbai, Candor Tech parks in Noida, Gurugram and Kolkata. Some of BIRET’s current tenants include Accenture, Amazon and Samsung
BIRET recently completed a Rs 2300 Crore fund raise through QIP. It has further plans to raise another Rs 1150 Crore, and these funds will be used to acquire 6.5 million sq ft of office space for BIRET for a total of $1.5 Bn in a 50:50 joint venture with GIC Singapore, resulting in a 35% increase in total leasable space and a 44% increase in operating area for the REIT.
Brookfield REIT at a glance:
Considering the recent raise via QIP were at a discount to CMP and the deep discount to the NAV of Rs 332, this could be an investment to consider for fixed income part of one’s portfolio.
Disclosure: Invested and will continue to add at deeper discounts.
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