SBI MF, PPFAS participate in ₹3,500 crore Brookfield India REIT QIP; Details here

Brookfield India REIT has raised ₹3,500 crore through its Qualified Institutional Placement, it said in an official statement on Wednesday, December 10.

The issue received bids worth over ₹10,000 crore, more than 3x the overall issue size.

Brookfield's QIP received participation from existing and new investors such as SBI Mutual Fund, PPFAS, Kotak Mutual Fund, Nippon India Mutual Fund, Birla Mutual Fund, UTI Mutual Fund, LIC, HDFC Life, Max Life, Kotak Life and 360 ONE WAM, the statement said.

Over the last 12 months, Brookfield India REIT has raised over ₹8,000 crore, which is the highest ever by an Indian REIT.

Proceeds of this QIP will be used to acquire Ecoworld, a Grade A, 48 acre, 7.7 million square feet office campus on Outer Ring Road, Bengaluru, which is one of India's strongest office micro-markets.

"Post this acquisition, the operating portfolio will exceed 32 million square feet with a gross asset value of over ₹53,000 crore, making Brookfield one of the largest REIT in India and Asia.

Brookfield India REIT units continue to trade at ₹335 apiece, which is also its IPO price.