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Brookfield Asset Management Inc. has picked banks for an preliminary public providing of its India actual property funding belief that would increase at the least $500 million, in accordance with folks conversant in the matter.
The Canadian asset supervisor has chosen Bank of America Corp., Citigroup Inc. and Morgan Stanley to rearrange the REIT providing, mentioned the folks, who requested to not be recognized as the data just isn’t public. A list on the Mumbai inventory trade might occur as quickly as the tip of this yr, the folks mentioned.
Brookfield held discussions on the potential IPO of its industrial actual property belongings in India since late final yr, Bloomberg News reported in December. Details of the providing together with its measurement and timeline might nonetheless change and extra banks might be a part of at a later stage, the folks mentioned.
A profitable providing will add to India’s rising variety of REIT listings, together with Blackstone Group Inc.-backed Mindspace Business Parks REIT, which has raised about 26.5 billion rupees ($354 million) from anchor and strategic buyers earlier than its proposed 45 billion rupee public providing. The debut of Embassy Office Parks REIT final yr marked the nation’s first such itemizing because the regulator stored tweaking guidelines to make it extra enticing to builders and buyers. It’s opened a fundraising avenue for India’s cash-starved property sector.
Brookfield, which manages greater than $515 billion belongings globally, owns and operates 22 million sq. toes of workplace properties in India, in accordance with its web site. It additionally owns seven toll roads, photo voltaic and wind belongings, a building enterprise and actual property administration providers within the South Asian nation.
Representatives for Brookfield, Citigroup and Morgan Stanley declined to remark, whereas a consultant for Bank of America didn’t reply to a request for remark.
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