Brookfield India REIT plans to raise up to ₹3,500 cr via issue of unitholders

New Delhi, Nov 7 (PTI) Brookfield India Real Estate Trust on November 7 announced plans to raise up to ₹3,500 crore through issue of units to institutional investors to reduce debt as well as to fund future growth, and reported a 40 per cent increase in its net operating income to ₹485.8 crore for the second quarter of this fiscal.

The company also announced distribution of ₹220.8 crore for the second quarter of this fiscal to unitholders.

The board of directors of Brookprop Management Services Pvt Ltd, the manager of Brookfield India Real Estate Trust, approved the issuance of units of Brookfield India REIT through an institutional placement of units not exceeding ₹3500 crore in one or more placement, according to a regulatory filing on November 7.

The proceeds will be used for the partial or full prepayment or repayment of the outstanding borrowings, equity contribution, general purposes, including funding operating expenses, funding capital expenditure, making investments in creditworthy instruments and/or future inorganic or organic growth opportunities, it added.

Brookfield India Real Estate Trust’s adjusted net operating income rose to ₹485.8 crore during July-September period from ₹346.7 crore in the year-ago period.

On operational front, the company said it achieved 1 million (10 lakh) of gross leasing of office space on strong demand.

Brookfield India REIT owns 10 Grade A assets in Delhi, Mumbai, Gurugram, Noida, and Kolkata.

Its portfolio consists of 28.9 million sq ft of total leasable area, comprising 24.3 million sq ft of operating area, 0.6 million sq ft of under construction area and 4 million sq ft of future development potential.