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<ul><li>The <keyword id="10770367" type="UNKNOWN" weightage="20" keywordseo="Brookfield-Real-Estate-Investment-Trust">Brookfield Real Estate Investment Trust</keyword> (REIT) stock listed at ₹281.70, which is at a 2.43% premium to the set price band at ₹274-275 per share.</li><li><keyword id="8468280" type="UNKNOWN" weightage="20" keywordseo="Brookfield-REIT">Brookfield REIT</keyword>’s initial portfolio consists of four large campus-format office parks, located in Mumbai, Gurugram, Noida and Kolkata.</li><li>The company’s market value expanded to ₹8,272 crore after the listing.</li></ul>It was a decent debut for the ₹3,800 crore initial public offering (IPO) of global investment firm Brookfield Real Estate Investment Trust (REIT) on the bourses today (February 16). The stock listed at ₹281.70, which is at a 2.43% premium to the set price band at ₹274-275 per share. The company, headquartered in Gurugram, was the third trust in India to go for an initial public offering (IPO) — the other two being Embassy Office Parks REIT and Mindspace Business Parks REIT. Brookfield REIT’s initial portfolio consists of four large campus-format office parks, located in Mumbai, Gurugram, Noida and Kolkata. And it has a list of marquee tenants — Barclays, Bank of America Continuum, RBS, Accenture, Tata Consultancy Services and Cognizant — that have leased the commercial space with 75% of gross contracted rentals. Within minutes after listing, Brookfield REIT's shares lost nearly 2.34% of their value and were trading at ₹275.11 apiece at 10:05 am in a robust market. The company’s market value expanded to ₹8,272 crore after the listing. The profitable listing was already on the cards! The IPO of the country's only 100% institutionally managed public, commercial real estate vehicle clocked in a great response from investors on the last day of subscription — the issue was subscribed nearly 8 times the offer value. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield REIT IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Subscription </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.78x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.52x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.94x </td></tr></tbody></table> What to do with the stocks post listing? The listing gains failed to meet the Street’s expectations. Yash Gupta, an equity research associate at Angel Broking, expected in a note the listing gains to be around 5%-15%. According to Gupta, the investors who want to add REIT in their portfolio could hold for the long term. SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/jaguar-land-rover-plans-to-go-fully-electric-by-2039-and-said-it-would-spend-3-5-billion-on-the-goal-each-year/articleshow/80925836.cms" data-type="tilCustomLink">Jaguar Land Rover plans to go fully electric by 2039, and said it would spend $3.5 billion on the goal each year</a> <a href="https://www.businessinsider.in/defense/news/list-of-10-latest-defence-deals-that-india-has-signed-in-the-last-six-months/slidelist/80926534.cms" data-type="tilCustomLink">List of 10 latest defence deals that India has signed in the last six months</a>

India’s third REIT IPO, Brookfield, lists at 2% premium over the issue price

<ul><li>Global investment firm, Brookfield Real Estate Investment Trust’s (REIT), public issue has hit the capital market today (February 3) to raise up to ₹3,800 crore.</li><li>The company provides commercial space on rent to multinational corporations such as Barclays, Bank of America Continuum, RBS, Accenture, Tata Consultancy Services and Cognizant.</li><li>The company has incurred losses in FY20 and has not paid out any dividends.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>Global investment firm Brookfield Real Estate Investment Trust’s (REIT) public issue has hit the capital market today (February 3) to raise up to ₹3,800 crore. The company is the third trust in India to go for an initial public offering (IPO) — the other two being Embassy Office Parks REIT and Mindspace Business Parks REIT. However, the issue hasn’t received any major response in the first three hours of opening. According to the stock-exchange data, the total subscription stood at 2% of the total offer value. Even in the <a href="https://chanakyanipothi.com/brookfield-reits-ipo-grey-market-premium-gmp-analysis/">grey market, </a>it failed to garner any response, and it suggested a discounted listing. The company on Tuesday raised ₹1,710 crore from anchor investors such as HDFC AMC, SBI Life, Tata AIG, HDFC Life, Kotak Mahindra AMC and others, ahead of its public issue. <keyword id="8468280" type="UNKNOWN" weightage="20" keywordseo="Brookfield-REIT">Brookfield REIT</keyword>, the country's only 100% institutionally managed public, commercial real estate vehicle has set the price band at ₹274-₹275. The real estate investment trust is sponsored by an affiliate of Brookfield Asset Management (BAM), one of the world’s largest alternative asset managers with approximately $575 billion in assets under management, as of September 2020. Street view on <keyword id="10024217" type="UNKNOWN" weightage="20" keywordseo="Brookfield-REIT-IPO">Brookfield REIT IPO</keyword> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">KR Choksey </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe with long term perspective </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ventura </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr></tbody></table> All you need to know about Brookfield REIT IPO: <ul><li>Bids can be made for a minimum lot of 200 units and in multiples of 200 units thereafter by bidders other than the units subscribed for by anchor investors.</li><li>The units are proposed to be listed on BSE and NSE.</li><li>The public issue's net proceeds will be utilised for partial or full pre-payment or scheduled repayment of the existing debt of asset special purpose vehicles.</li></ul>From marquee multinational clients to weak financials, high debt on books and potential slowdown in demand for commercial space — here's what analysts have to say about the IPO TCS, BoA, Barclays and Accenture are some of its tenants! Brookfield REIT’s initial portfolio consists of four large campus-format office parks, located in Mumbai, Gurugram, Noida and Kolkata. And it has a list of marquee tenants -- Barclays, Bank of America Continuum, RBS, Accenture, Tata Consultancy Services and Cognizant -- that have leased the commercial space with 75% of gross contracted rentals. According to Axis Capital, its initial portfolio's completed area has a same-store committed occupancy of 92%. But the concern could be from the fact that a significant portion of revenue being derived from a limited number of tenants and sectors. <div type="image" title="REIT tenants" msid="80667920" hostid="261"></div> And the operations of the company may be adversely affected if one or more of these large tenants seek to prematurely terminate lease or any of the sectors in which the tenants of its initial portfolio are concentrated. Mark-to-market headroom provides cash stability The company has a weighted average lease to expiry 7.1 years, which provides stability to its initial portfolio's cash flows. Other than that, it is also well-positioned to achieve further organic growth through a combination of contractual lease escalations,36% mark-to-market headroom to in-place rents, lease-up of vacant space. The mark-to-market headroom practice involves adjusting the value of an asset to reflect its value as determined by current market conditions. Concerns: Weak financials, muted growth and high debt on books The company has incurred losses in FY20 and has not paid out any dividends, they expect to pay a yield of 7.5% in FY23, which according to Angel Broking is “aggressive” and may be difficult to achieve. “Post the IPO there will also be a debt reduction of ₹3,575 crore for the company which will bring down the overall debt. However due to the current uncertainties around Covid-19 and proliferation of work from home we expect that demand for commercial real estate to be muted,” the brokerage said. The report further added that it would take a long time for the company to increase its revenue as REIT has under development property of 0.1 marginal standing facility only along with its 92% of committed property which has already been leased out. The commercial spaces could see slowdown in demand Commercial office space was the least impacted segment in real estate amid the COVID-19 outbreak. However, other reports have highlighted that the increasing trend in work from home (WFH) can lead to a higher vacancy in key market geographies and can create a slowdown in demand for commercial space in the near term. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/budget-2021-22-prioritises-gaganyaan-indias-human-spaceflight-mission-over-all-others-heres-why/articleshow/80663272.cms" data-type="tilCustomLink">Budget 2021-22 prioritises Gaganyaan, India’s human spaceflight mission, over all others — here’s why</a> <a href="https://www.businessinsider.in/stock-market/news/home-first-finance-company-ipo-lists-at-618-19-premium-over-the-issue-price/articleshow/80662539.cms" data-type="tilCustomLink">Warburg Pincus-backed Home First Finance Company IPO lists at 19% premium over the issue price</a>

TCS, Accenture and Barclays’ landlord, Brookfield REIT IPO, has received a mixed response from brokerages — here’s what they have to say

<ul><li>The basis of allotment for ₹3,800 crore IPO of Brookfield Real Estate Investment Trust’s (REIT) will be announced on February 11. </li><li>The IPO of the commercial real estate vehicle clocked in a great response from investors on the last day of subscription — the issue was subscribed nearly 8 times the offer value. </li><li>Here’s how to check <keyword id="10730462" type="UNKNOWN" weightage="20" keywordseo="brookfield-reit-ipo-allotment-status">Brookfield REIT IPO allotment status</keyword>.</li></ul>The basis of allotment for ₹3,800 crore initial public offering (IPO) of global investment firm Brookfield Real Estate Investment Trust’s (REIT) will be announced on February 11. The IPO of the country's only 100% institutionally managed public, commercial real estate vehicle clocked in a great response from investors on the last day of subscription — the issue was subscribed nearly 8 times the offer value. The company was the third trust in India to go for an initial public offering (IPO) — the other two being Embassy Office Parks REIT and Mindspace Business Parks REIT. However, after this stellar response that <keyword id="10024217" type="UNKNOWN" weightage="20" keywordseo="Brookfield-REIT-IPO">Brookfield REIT IPO</keyword> has garnered, one thing is certain — not all investors will get the same amount of shares that they had subscribed for. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield REIT IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Subscription </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.78x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.52x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.94x </td></tr></tbody></table> Once the basis of allotment is done, the investors can check their subscription status on Brookfield REIT IPO registrar’s Link Intime India Private <a href="https://linkintime.co.in/MIPO/IPO.aspx">website</a>. Here’s how to check <keyword id="10730461" type="UNKNOWN" weightage="20" keywordseo="brookfield-reit-ipo-allotment">Brookfield REIT IPO allotment</keyword> status: If you subscribed for the Brookfield REIT IPO, you could check your allotment status by following these simple steps: To check on the stock-exchange website: <ul><li>To check Brookfield REIT IPO status, go to the<a href="https://www.bseindia.com/investors/appli_check.aspx"> BSE website</a> or <a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp">NSE website</a>.</li><li>On BSE, Select ‘Equity’ and then from the dropdown, select ‘Brookfield REIT’. </li><li>Now, enter your application number and PAN.</li><li>Click on ‘Search’.</li></ul>Please note the details will only be available once the shares are allotted. You can also visit the Registrar website (Linkintime) to check your application status. <ul><li>Visit the registrar’s website <a href="https://www.linkintime.co.in/IPO/public-issues.html">here</a>.</li><li>Click on ‘Select company’ and click on ‘Brookfield REIT IPO’. It will only appear post allotment on December 22.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or client ID.</li><li>Enter the captcha and click ‘submit’.</li></ul>Once you hit ‘submit’ the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares that you subscribed to and the number of shares that have been allotted to you. SEE ALSO: <a href="https://www.businessinsider.in/international/news/joe-biden-and-narendra-modi-spoke-over-the-phone-last-night-heres-what-they-discussed/articleshow/80759960.cms">Joe Biden and Narendra Modi spoke over the phone last night⁠— here’s what they discussed</a> <a href="https://www.businessinsider.in/business/startups/news/upgrad-is-rushing-its-employees-back-to-mumbai-and-bengaluru-offices-and-relocating-many-without-more-money-or-temp-accommodation/articleshow/80752193.cms">EXCLUSIVE: upGrad is rushing its employees back to Mumbai and Bengaluru⁠ offices⁠— and relocating many without more money or temp accommodation</a>

Brookfield REIT IPO allotment: Here’s how to check share allotment status

<ul><li>Among secondary business districts (SBDs), Hyderabad has the largest portion of REIT-worthy stock, followed by Bengaluru. </li><li>Currently, the three listed office REITs collectively own about 74.4 million sq ft of <keyword id="181150" type="General" weightage="20" keywordseo="office-space" source="Orion">office space</keyword> – accounting for about 11% of the total Grade A office stock available. </li><li>The market capitalisation of listed REITs in India is less than 10% compared with countries like the USA and Singapore. </li></ul>About two-thirds of the Grade A office space suitable for real estate investment trusts (REITs) is located in the secondary business districts (SBDs) of the top six cities in India. Among these SBDs, Hyderabad has the largest portion of REIT-worthy stock – accounting for 28%, followed by Bengaluru at 24%, according to analysis by real estate management firm Colliers. Moreover, over 60% of the Grade A office space within SBDs is considered suitable for <keyword id="168019" type="General" weightage="20" keywordseo="reit" source="Orion">REIT</keyword> investment. In contrast, about half of the Grade A office space in the peripheral business districts (PBDs) across the top six cities is deemed REIT-worthy. The central business districts (CBDs) have a relatively lower share of REIT-worthy stock – standing at 10% – mainly due to limited new supply and the presence of older buildings. Currently, the three listed office REITs collectively own about 74.4 million sq ft of office space – which accounts for approximately 11% of the total Grade A office stock available. Embassy Office Parks REIT, Mindspace Business Parks REIT, and Brookfield India Real Estate Trust are listed on the stock exchange. The office sector, particularly in the top six cities, has demonstrated resilience with high <keyword id="528062" type="General" weightage="20" keywordseo="occupancy-rates" source="Orion">occupancy rates</keyword>, despite external factors impacting demand. <cmsannotation type="cmsannotation" annotationid="Huge potential for growth" comment="subhead" text="Huge potential for growth">Huge potential for growth</cmsannotation> In Q1 2023, office vacancy levels remained steady at 16.4%, indicating a robust commercial office market. The outlook for the office sector is positive, driven by technology, and flexible workspace trends – with the market projected to recover further in the latter part of the year. Says Piyush Gupta, managing director, capital markets and investment services, Colliers India, “REITs in India are still at their early stages compared to other regional markets. Strikingly, the market capitalisation of Indian REITs is &lt;10% compared to the USA, Singapore, and other countries in the APAC (Asia-Pacific).” “Considering the size of the Indian office market, there exists a huge potential for more number of REITs and expansion of current REITs,” he added. Currently, the REIT penetration rate in India stands at 11%, leaving ample room for expansion up to 68%, aligning with other APAC countries like Singapore and Japan – where over 50% of their office portfolios are held under REITs.

Secondary business districts, and not CBDs, have more Grade A office space worthy of REITs

Global investment firm Blackstone-sponsored <keyword id="15283412" type="General" weightage="80" keywordseo="nexus-select-trust" source="Orion">Nexus Select Trust</keyword> plans to double its portfolio of shopping malls in next 4-5 years to 20 million square feet through acquisition mode. <keyword id="6369814" type="General" weightage="100" keywordseo="nexus" source="Orion">Nexus</keyword> Select Trust has acquired 17 shopping malls since the 2015-16 fiscal year and intends to grow its business inorganically. The company has no plans to develop greenfield shopping malls. Nexus Select Trust has bundled all its 17 malls, including the 5 lakh square feet '<keyword id="146398" type="General" weightage="50" keywordseo="select-city-walk" source="Orion">Select City Walk</keyword>' in South Delhi, under REIT (Real Estate Investment Trust) structure and will soon launch Initial Public Offer (IPO). According to sources, Nexus Select Trust is likely to hit the capital market in early May with India's first retail REIT IPO to raise up to Rs 4,000 crore. In November last year, Nexus Select Trust had filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch its retail REIT. Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering 9.8 million square feet area valued around Rs 23,000 crore. According to sources, Nexus Select Trust would continue its strategy to acquire Grade-A shopping malls to expand its portfolio. It also makes investment, if needed, to upgrade the facilities in malls. There are 100 premium shopping malls in the country, of which 40 are owned by large players. Therefore, the remaining 60 malls could be potential acquisition targets for Nexus Select Trust, sources said. Many mall owners are willing to put their assets under Nexus REIT, they added. Sources said Nexus Select Trust intends to double its mall portfolio to 20 million square feet in the next 4-5 years. <keyword id="48032" type="General" weightage="80" keywordseo="blackstone" source="Orion">Blackstone</keyword> spokesperson declined to comment. As per the sources, Nexus Select Trust is expecting to get Sebi approval for its IPO soon. The size of the IPO of Nexus Select Trust REIT will be around Rs 4,000 crore, of which Rs 1,600 crore would be the primary offering of shares. The part of the proceeds will be utilised to bring down debt, which stood at Rs 4,500 crore at the end of June quarter. This will be the third REIT sponsored by Blackstone. It launched India's first REIT named Embassy Office Parks REIT and then Mindspace Business Parks REIT. The REIT, a popular instrument globally, was introduced in India a few years ago to attract investment in the real estate sector by monetising rent-yielding assets. It helps unlock the massive value of real estate assets and enable participation of retail investors. At present, there are three listed REITs - Embassy Office Parks REIT, Mindspace Business Parks REIT and <keyword id="1424627" type="General" weightage="50" keywordseo="brookfield" source="Orion">Brookfield</keyword> India Real Estate Trust - on Indian stock exchanges but all these are of leased office assets. Nexus Select Trust will be the first REIT with rent-yielding retail real estate assets. There are around 3,000 stores across 17 shopping malls while the number of brands is nearly 1,100. On the operational front, the occupancy level in the malls currently stands at 94 per cent with annual footfall of over 130 million. The net operating income of Nexus Select Trust is projected to grow at nearly Rs 1400 crore during the last fiscal year. Blackstone has a big presence in the India market with an overall assets under management estimated to be USD 60 billion across various sectors. Real estate accounts for nearly USD 22 billion of this market value across over 40 investments. Blackstone is among the largest office owners in India with an office portfolio of around 100 million sq ft across 38 assets in 7 cities. Of this, around 13 million sq ft offices are under construction and 16 million sq ft is future development. Blackstone has created Nucleus Office Parks platform with 25 million sq ft for hosting 100 per cent owned commercial assets. Blackstone additionally owns over 10 million sq ft of retail space under the Nexus malls portfolio and 35.5 million sq ft of logistics space under Horizon Industrial Parks portfolio and Greenbase Industrial and Logistics Park. India's first REIT of Rs 4,750 crore issue size was listed in April 2019 by Embassy Office Parks, sponsored by Blackstone and realty firm Embassy Group. In August 2020, K Raheja and Blackstone-sponsored Mindspace Business Parks launched the country's second REIT to raise Rs 4,500 crore. 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Blackstone-backed Nexus Select Trust plans to double shopping mall portfolio in 4-5 yrs

New Delhi, Nov 17 (PTI) Global investment firm Blackstone-sponsored Nexus Select Trust filed the draft paper with market regulator SEBI on Thursday to launch India's first public issue of retail REIT to raise around USD 500 million, sources said. Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering about 10 million square feet area valued around USD 3 billion. As per the sources, Nexus Select Trust has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and is looking to hit the capital market with India's first retail REIT (Real Estate Investment Trust) public issue in the first half of 2023 calendar year. The size of the initial public offer (IPO) of Nexus Select Trust REIT will be around USD 500 million, they added. This will be the third REIT sponsored by the Blackstone. It had earlier launched India's first REIT -- Embassy Office Parks REIT-- and then Mindspace Business Parks REIT. The REIT, a popular instrument globally, was introduced in India a few years ago to attract investment in the real estate sector by monetising rent-yielding assets. It helps unlock the massive value of real estate assets and enable participation of retail investors. At present, there are three listed REITs -- Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust -- on Indian stock exchanges but all these are of leased office assets. Nexus Select Trust will be the first REIT with rent-yielding retail real estate assets. In its portfolio of 10 million square feet of retail real estate, Nexus Select Trust has also included Select Citywalk mall in south Delhi. There are around 3,000 stores in its shopping malls while the number of brands are approximately 1,000. The sources said Blackstone is very bullish on the growth story of India's retail sector, which have bounced back sharply post the second wave of the Covid pandemic. "The fundamental of India's retail business is very strong. People are spending money and watching movies," a source said. Unlike office segment, there are not many players in shopping malls business and also the supply of Grade A malls is also limited, the sources said. On operational front, the occupancy level in the malls currently stands at 94 per cent with annual footfall of over 130 million, they said. The sales in its malls during the April-June quarter have been 24 per cent more than the pre-Covid level. Nexus Select Trust has done leasing of around 3.5 million square feet over the last three years and three months. Its senior management team consisting of nine CXOs (with 20+ years average experience) led by Dalip Sehgal (former executive director of Unilever India) as CEO is supported by over 500 employees. The board of directors is highly diversified and experienced. The key board members are Michael Holland (ex-CEO of the Embassy REIT), Arjun Sharma (Chairman and Director of the Select Group), Jayesh Merchant (ex-CFO Asian Paints), Sadashiv Rao (Former Director of IDFC) and Tuhin Parikh (Head of BX India Real Estate). Blackstone has a real estate portfolio of 85 assets totalling 150 million square feet across office, retail and logistics segments. In office, Blackstone is collectively one of India's largest office landlords (41 assets totalling 101 million square feet), while in logistics and industrial space, the Blackstone is one of India's largest warehousing landlords (21 assets totalling 38 million square feet). Blackstone has recently set up a fully-owned platform 'Lumina' to invest in data centres across Asia, with initial focus on India. India's first REIT of Rs 4,750 crore issue size was listed in April 2019 by Embassy Office Parks, sponsored by Blackstone and realty firm Embassy Group. In August 2020, K Raheja and Blackstone-sponsored Mindspace Business Parks launched the country's second REIT to raise Rs 4,500 crore. Global investment firm Brookfield has listed the country's third REIT after raising Rs 3,800 crore through an IPO.

Blackstone-backed Nexus files for $500 million IPO

New Delhi, June 24 () Global fund Blackstone on Wednesday raised around USD 300 million (about Rs 2,270 crore) by selling its shares in Embassy Office Parks REIT to monetise part of its investment, sources said. Blackstone was targeting to raise up to USD 257 million (around Rs 1,950 crore), but increased the size of its offer on account of increased demand from institutional investors. Embassy Office Parks REIT is the country's first Real Estate Investment Trust (REIT), which was launched last year by realty firm Embassy group and global investment firm Blackstone to raise nearly Rs 5,000 crore. The REIT is listed on the stock exchange. According to sources, Blackstone raised USD 300 million (Rs 2,270 crore) by selling shares/units in the REIT to institutional investors through block deals at Rs 341 per share. Post this deal, Blackstone stake will come down by around 9 per cent from around 55 per cent shareholding earlier. Sources said the demand was to the tune of USD 500 million (nearly Rs 3,800 crore) from both current REIT holders and new institutional investors. Capital Group, CI Funds, ICICI Prudential have increased their holding in the REIT, sources said. New global institutional investors such as Brookfield, Nomura Asset Management, Norges Bank and Pru Sec bought shares, they added. Blackstone will continue to hold the majority stake in Embassy REIT. Embassy group has around 15 per cent stake. Blackstone has deployed over USD 8 billion in the Indian commercial real estate space. Blackstone had proposed to sell units worth USD 250 million (around Rs 1,900 crore) to USD 257 million (around Rs 1,950 crore). When contacted, Blackstone, Embassy group and Embassy Office Parks REIT declined to comment. Meanwhile, Embassy Office Parks REIT distributed Rs 531.67 crore for its unitholders for the quarter ended March and nearly Rs 1,900 crore for the entire last fiscal. The revenue from operations for the fourth quarter of FY20 grew year-on-year by 8 per cent to Rs 543.4 crore. For the full last fiscal, it rose 14 per cent to Rs 2,144.9 crore. Net operating income for the fourth quarter grew by 10 per cent to Rs 461.8 crore. For the full 2019-20 fiscal, it grew by 15 per cent to Rs 1,817 crore. "Our fourth quarter income and distribution payout once again illustrate the stability and resilience of Embassy REIT delivering cash flows that are backed by the covenants of our 160+ largely multinational occupier base,"Â Embassy Office Park CEO Michael Holland had said. Since Embassy REIT listed in April 2019, the company has delivered a total return of 25 per cent. Embassy REIT comprises 26.2 million square feet of completed and operational commercial properties across India. With approximately 7.1 million square feet of on-campus development in the pipeline, the total portfolio spans 33.3 million square feet across seven Grade A office parks and four city-centre office buildings in India's best performing office markets of Bengaluru, Mumbai, Pune and the National Capital Region (NCR). MJH BJ MKJ MKJ

Blackstone raises around Rs 2,270 cr from stake sale in Embassy Office Parks REIT

<keyword id="60356" type="General" weightage="20" keywordseo="fundraising" source="Orion">Fundraising</keyword> through the issuance of shares to <keyword id="68968" type="General" weightage="20" keywordseo="institutional-investors" source="Orion">institutional investors</keyword> skyrocketed, as companies raked in Rs 50,218 crore in 2023, marking a six-fold surge from the previous year and indicating a positive outlook among investors. Apart from <keyword id="48708" type="General" weightage="20" keywordseo="qips" source="Orion">QIPs</keyword>, fund mobilisation through rights issue of shares and OFS (<keyword id="1498312" type="General" weightage="20" keywordseo="offer-for-sale" source="Orion">Offer-for-Sale</keyword>) route too surged in 2023, as compared to last year. Market experts attributed the primary reason for the increase in Qualified Institutional Placement (QIP) fundraising to the market and <keyword id="470493" type="General" weightage="20" keywordseo="investor-sentiments" source="Orion">investor sentiments</keyword> that play an important role in their success. As long as positive market vibes persist, and investors continue to reap returns, listed companies lean towards opting for fundraising through QIP as this avenue ensures swift access to funds, they added. According to data by the National Stock Exchange (NSE), companies collected Rs 50,218 crore through QIPs in 2023, which was way higher than Rs 8,196 crore raised in the preceding year. Bajaj Finance Ltd spearheaded the largest QIP, securing about Rs 8,800 crore. Following suit, Union Bank of India and Bank of India raised around Rs 5,000 crore and Rs 4,500 crore, respectively. In addition, there was one QIP of a REIT of Brookfield India Real Estate Trust that garnered Rs 2,305 crore this year. Other noteworthy contributors to the fundraising spree included Cholamandalam Investment &amp; Finance, Federal Bank, IDFC First Bank, Aditya Birla Capital and Bank of Maharashtra. Listed companies that need funds either to meet their capex requirements or to comply with Sebi's 25 per cent minimum public shareholding norms generally opt to raise funds through the QIP route. Further, as compared to rights issues or follow-on public offers (FPOs), the QIP route takes less time and fewer compliance norms. QIP is one of the quickest products to raise funds from institutional investors. It is designed only for the listed companies, which allows them to mobilize funds quickly from institutional investors without the need to submit any pre-issue filings to market regulators. The NSE data indicates a substantial rise in capital raised through rights issue route, reaching Rs 8,017 crore this year compared to Rs 3,646 crore in 2022. Furthermore, fund mobilization through the OFS route increased 44 per cent to Rs 15,959 crore in 2023, up from Rs 11,110 crore in the previous year.

QIP fundraising shines, cos garner Rs 50,200 cr in 2023

VTSNick Romito, VTS co-founder and CEO<ul class="summary-list"><li>VTS works with 10 billion square feet of commercial leases, and has a client list that includes real-estate giants like Blackstone, Brookfield, JLL, and CBRE.</li><li>VTS is the most heavily-funded proptech software startup, with backers like Brookfield and <a href="https://www.businessinsider.com/proptech-vc-fifth-wall-raised-503-million-in-newest-fund-2019-7">Fifth Wall</a>. It has been developing an end-to-end leasing markeplace, truva.</li><li>The startup gave us a demo of its VTS Retail software. It combines a CRM, data and analysis tools, and project management for the retail-leasing process.</li><li><a href="https://www.businessinsider.com/pitch-decks-that-helped-hot-startups-raise-millions-2019-4">Read more BI Prime stories here.</a></li></ul>VTS, the proptech software unicorn, works with 10 billion square feet of commercial leases and has a client list that includes real-estate giants like Blackstone, Brookfield, JLL, and CBRE.The startup has users in multiple verticals in the commercial world, and has focused historically on office leasing. But last week, it launched its first tool specifically for retail.Nick Romito, CEO and cofounder of VTS, told Business Insider that retail's current challenges make an end-to-end platform even more important to potential clients. "With retail as a sector right now, people are trying to get as close to their customers as possible ... you want to be close to every piece of data you can about the customer," Romito said. <a href="https://www.businessinsider.com/retail-apocalypse-start-of-2019-more-store-closures-all-of-2018-2019-4">Retail stores have been closing at high rates</a> as ecommerce has increased in popularity, increasing the stakes for landlords looking to run profitable shopping centers. Romito said that macroeconomic events have previously "catalyzed" the company's business, giving its experience in Houston after oil prices plunged in 2014 as an example. When oil companies' revenues fell, landlords looking to get closer to their customers started using VTS to more closely track the economic health of their leases. The new platform, which aggregates data and automates processes across the retail leasing workflow, has been tested by users of various sizes. "We've got folks who have one single strip mall, and the folks who have 50 malls," Romito said. The platform includes PropertyCapsule, a retail marketing software company that VTS acquired last October for an undisclosed amount. VC money has been pouring into proptech startups that are looking to put a tech spin on old-school real estate practices. It's a wide category that is seeing <a href="https://www.businessinsider.com/vcs-invested-record-246-billion-in-proptech-q3-of-2019-2019-10">record investments</a> and <a href="https://www.businessinsider.com/cretech-2019-more-suits-more-money-more-attendees-than-ever-2019-10">growing attention from institutional investors and landlords</a>. Brookfield Ventures <a href="https://www.businesswire.com/news/home/20190507005722/en/VTS-Announces-90M-Series-Led-Brookfield-Ventures">in May</a> led a $90 million funding round for VTS. Brookfield has also purchased mall REIT General Growth Partners for a total of $27.5 billion in cash and stock buyouts. VTS established an advisory board to guide development of VTS Retail, and it includes representatives from Brookfield, clients, and prospects in the commercial real estate space. Romito told me that VTS plans to add more features for retail, with second and third versions likely for this year. VTS has been developing truva, an online leasing marketplace, for the past few years, with the hope of turning its experience with lease management into servicing the whole leasing transaction. I sat down for a demo with Romito and Cassandra Vitelli, senior director of product marketing. The two walked me through the workflow that a landlord would use to identify, market, and fill vacancies by using an example of one fictional landlord. See the whole demo below.Read more: <a href="https://www.businessinsider.com/softbank-backed-compasss-real-estate-agent-tech-stack-2019-12">Here's a look at the tech used at SoftBank-backed real-estate brokerage Compass - including a sneak peek of beta features</a>

Here's a look at new retail-leasing software from proptech unicorn VTS  - it's the startup's big bet on bringing a CRM approach to filling vacant space

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Blackstone raises around Rs 2,270 cr from stake sale in Embassy Office Parks REIT

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QIP fundraising shines, cos garner Rs 50,200 cr in 2023

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Here's a look at new retail-leasing software from proptech unicorn VTS - it's the startup's big bet on bringing a CRM approach to filling vacant space

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