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Brookfield India Real Estate Trust IPO

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Brookfield India Real Estate Trust, institutionally managed public commercial real estate company is coming up with Initial Public Offering on February 03rd and the IPO will close on February 05th.

Objects of the Offer:

  • The offer comprises of a Fresh Issue of ₹3,800cr of which, ₹3,575cr is proposed to be utilized towards partial or full pre-payment or scheduled repayment of the existing indebtedness of its Asset SPVs.

Share Reservation

Net Issue (%)

Institutional

75

Non Institutional

25

Brookfield India Real Estate Trust IPO Subscription Details

Company

Brookfield India Real Estate Trust

Issue Type

Book Building-REITs

Issue Size (In ` Crore)

₹3,800

Lot Size

200 Units

Open Date

3 Feb, 2021

Close Date

5 Feb, 2021

Offer Price

₹274 to ₹275 per equity share

DRHP

Click here

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About Brookfield India Real Estate Trust IPO

Brookfield India Real Estate Trust (B-REIT) is India’s only institutionally managed public commercial real estate vehicle. It owns an Initial Portfolio of four large campuses in Mumbai, Gurugram, Noida and Kolkata with initial area of 14.0 msf (10.3 msf completed and 0.1 msf under construction with expected completion by September 2021) and 3.7 msf of future development potential. Further, B-REIT also has rights to acquire 8.3 msf in Gurugram and Noida (Identified Assets) and rights of first offer on an additional 6.7 msf in Mumbai (owned by members of the Brookfield Group), which potentially doubles the Initial Portfolio’s Leasable Area to 28.9 msf. The Initial Portfolio’s Completed Area has a Same Store Committed

Occupancy of 92% (and 87% Committed Occupancy, which includes the recently completed 0.5 msf at Candor Techspace N1) and is leased to marquee tenants with 75% of Gross Contracted Rentals contracted with multi-national corporations (MNCs) like Barclays, BofA Continuum, RBS, Accenture, TCS and Cognizant. B-REIT believes that the WALE of 7.1 years provides stability to the cash flows of their Initial Portfolio and factors like contractual lease escalations, 36% MTM potential for in-place rents, lease-up of vacant space and near-term completion of under construction area are expected to drive NOI CAGR of 25% (net of one-time adj.) over FY20-23


Brookfield India Real Estate Trust Financials

Particulars

FY2018

FY2019

FY2020

FY2021E

FY2022E

FY2023E

Rev. from Operations (₹Cr)

822

896

957

887

1,000

1,102

NOI (₹Cr)

590

628

676

678

769

819

NOI Margin (%)

71.8

70.1

70.7

76.5

76.9

74.3

EBITDA Margin (%)

71.6

65.9

64.6

71.8

71.8

69.4

NDCF (₹Cr)

-

 

 

123*

662

702

Pre Tax Yield (%) #

 

 

 

 

7.9

8.4

Source: Offer Document
Note: * For Q4FY2021, as the REIT structure is assumed to be in existence only starting January 01, 2021
# Calculated Yield based on Projected Net Distributable Cash Flows and higher end of price band
For additional information and risk factors please refer to the Red Herring Prospectus. Please note that this document is for information purpose only

Key Points

Recent Developments

  • B-REIT is witnessing a recovery in demand for office space across the Initial Portfolio. In addition to having re-leased 0.5 msf of leases that expired during the six months ended September 30, 2020, they have received interest and are engaged in discussions with respect to 1.6 msf.
  • During the months of October, November and December 2020, they collected 99%, 98% and 96% of Gross Contracted Rentals, respectively.

Key Risk

  • Among others, the continuing impacts of COVID-19 may: (1) impact operations of the tenants occupying the assets in the Initial Portfolio and their ability to pay rents on time and/or in full (2) affect its ability to re-lease space that is or that becomes vacant, (3) result in a slowdown in obtaining new lease commitments, (4) reduce the overall demand for commercial real estate and the office parks in the Initial Portfolio resulting in vacancies, (5) result in delayed construction, (6) result in client seeking deferrals, modify deferrals or terminate lease agreements.
  • The REIT’s business and profitability is dependent on the performance of the commercial real estate market in India. Fluctuations in the general economy, market and other conditions may affect the commercial real estate market in India and in turn, its ability to lease office parks to tenants on favorable terms.
  • The REIT is dependent on a limited number of tenants and sectors for a significant portion of its revenues. The ten largest clients accounted for 75% and 74% of the lease area for H1FY21 and FY20, respectively and ~75% of the Gross Contracted Rentals during the above mentioned periods. Of these, three tenants, Accenture, Tata Consultancy Services and Cognizant accounted for 17%, 17% and 14%, respectively, of the leased area and 19%, 17% and 10%, respectively, of the Gross Contracted Rentals as of September 30, 2020. Additionally, tenants in the technology sector accounted for 50% of the leased area of the Initial Portfolio, as of September 30, 2020.

How to apply IPO on 5paisa app?

  • Applying for Brookfield IPO using UPI method is not yet available for REITs.
  • To apply, log on to your Net-banking dashboard
  • Go to the IPO section
  • Go to the Brookfield REIT section and click Apply
  • Enter BO ID/DP ID
  • Enter your lot size and amount
  • Click on Submit to process your application

Brookfield India Real Estate Trust IPO Frequently Asked Questions

Brookfield India Real Estate Trust, only institutionally managed public commercial real estate company in India is coming up with its Initial Public Offering. This is a Main Board REIT IPO and will open on February 03 comprising a fresh issue size of ₹38,00 Cr.

Applying for Brookfield IPO using UPI IPO method is not yet available for REITs.
You can use ASBA method by login into your bank's net banking portal and use your BO ID.
The application amount will be blocked in your bank account and will be deducted only if you receive allotment of the units which will be added to your demat account.

Brookfield India Real Estate Trust IPO will open on February 03, 2021.

Brookfield India Real Estate Trust IPO Lot size is 200 equity shares, that means you can apply for one lot consisting 200 equity shares.

Shares of Brookfield India Real Estate Trust will be getting allotted on February 11, 2021.

Brookfield India Real Estate Trust Shares will be getting listed on February 17, 2021.

Here is the minimum investment calculation of Brookfield India Real Estate Trust IPO
Lot size – 200 * Issue Price ₹275 = ₹55,000
Hence the minimum investment amount required to invest in Brookfield India Real Estate Trust IPO is ₹55,000.

Cut off Price for Brookfield India Real Estate Trust IPO is ₹55,000

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Contact Details of Brookfield India Real Estate Trust IPO

Company Contact Information

Brookfield India Real Estate Trust IPO
Brookprop Mgt.Services Pvt Ltd,
Unit 804 8th Floor Bandra East,
Mumbai, Maharashtra 400051.

Phone: 91-22-66000700
Email: reit.manager@brookfield.com
Website: https://www.brookfieldindiareit.in/

Brookfield India Real Estate Trust IPO Register

Link Intime India Pvt Ltd

Brookfield India Real Estate Trust IPO Lead Manager(s)

  • Ambit Pvt Ltd
  • Axis Capital Ltd
  • Citigroup Global Markets India Pvt Ltd
  • DSP Merrill Lynch Ltd
  • HSBC Securities & Capital Markets (India) Pvt Ltd
  • IIFL Securities Ltd
  • J.P. Morgan India Pvt Ltd
  • JM Financial Ltd
  • Kotak Mahindra Capital Company Ltd
  • Morgan Stanley India Company Pvt Ltd
  • SBI Capital Markets Ltd

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