(Bloomberg) – Brookfield Asset Management Inc. has chosen banks for an initial public offering of its Indian real estate investment trust that could raise at least $ 500 million, according to people familiar with the matter.
The Canadian asset manager selected Bank of America Corp., Citigroup Inc. and Morgan Stanley to organize the REIT offer, people who asked not to be identified said the information is not public. A listing on the Mumbai stock exchange could occur as soon as later this year, the people said.
Brookfield has held talks about the possible IPO of its commercial real estate assets in India since late last year, Bloomberg News reported in December. The offer’s details, including its size and timeline, could still change and more banks could join at a later stage, the people said.
A successful offering will add to the growing number of REIT listings in India, including MITSpace Business Parks REIT, backed by Blackstone Group Inc., which has raised around Rs 26.5 billion ($ 354 million) from anchor and strategic investors. before his public proposal of Rs 45 billion. REIT’s debut from the Embassy’s Park Office last year marked the country’s first such list as the regulator continued to adjust the rules to make it more attractive to developers and investors. A fundraising avenue was opened for India’s cash-strapped real estate sector.
Brookfield, which manages more than $ 515 billion of assets globally, owns and operates 22 million square feet of office properties in India, according to its website. It also owns seven toll roads, solar and wind assets, a construction business, and real estate management services in the South Asian nation.
Representatives for Brookfield, Citigroup and Morgan Stanley declined to comment, while a representative for Bank of America did not respond to a request for comment.
(Update Mindspace fundraising details in the fourth paragraph.)
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