BIRET

Dec 13 (Reuters) - Brookfield India Real Estate Trust BROF.NS:

• RAISES 35 BILLION RUPEES THROUGH QIP OF UNITS

Source text: ID:nBSERLzs0

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Dec 9 (Reuters) - Brookfield India Real Estate Trust BROF.NS:

• APPROVED FLOOR PRICE OF 287.55 RUPEES PER UNIT

Source text: ID:nNSE6HSysp

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Aug 7 (Reuters) - Brookfield India Real Estate Trust BROF.NS:

• JUNE-QUARTER CONSOL PROFIT 373.5 MILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 5.74 BILLION RUPEES

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BENGALURU, May 16 (Reuters) - Brookfield India Real Estate Trust (BIRET) BROF.NS has signed a binding agreement to acquire a 50% stake in four Bharti Enterprises properties for 60 billion rupees ($719 million), including debt, it said on Thursday.

The deal will take place through a preferential allotment of units in BIRET at 300 rupees per unit to Bharti Enterprises, which owns telecom operator Bharti Airtel BRTI.NS, in exchange for the stake.

The properties, some of which are used for commercial purposes, while others host offices and retail stores both, are located in New Delhi and Gurugram and measure a total of 3.3 million square feet in area.

A boom in companies setting up offices in India, coupled with post-pandemic return-to-office requirements and strong retail consumption, have boosted optimism for commercial properties.

With 25.5 million square feet of total leasable area, BIRET is India's fourth-largest listed REIT by market capitalisation, after Embassy Office Parks EMBA.NS, Nexus Select Trust NEXE.NS and Mindspace Business Parks REIT MINS.NS.

($1 = 83.4420 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema)

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By Hritam Mukherjee and Anisha Ajith

BENGALURU, Dec 14 (Reuters) - India's largest real estate investment trust (REIT) Embassy Office Parks EMBA.NS expects the government's easing of regulation for special economic zones (SEZ) to boost its finances from the fiscal year starting April 2024.

Last week, India allowed developers to strip vacant floors in SEZs off the status and lease them to non-SEZ entities. SEZs, set up in 2005, were aimed at incentivising export-oriented companies but lost their allure to new entrants after tax holiday ended in 2020.

While the proportion of revenue Embassy generates from its SEZ properties was not immediately clear from its earnings reports, analysts at brokerage Investec said last week that Embassy has about 55%-60% of its portfolio in SEZs.

"We expect benefits to start showing on our financials from the first half of FY25," Embassy Office Parks CEO Aravind Maiya told Reuters on Tuesday.

"Once we get more clarity on the process and timeline involved in the floor-wise demarcation of vacant SEZ spaces, which is expected in the coming few weeks, we can start leasing out from around March next year."

Embassy, which has business parks at SEZs in Bengaluru and Noida, saw its consolidated profit fall 46% to 236.8 million rupees ($2.84 million) in the September quarter, while its revenue grew about 4%.

The office landlord has seen its SEZ occupancy levels decline from 94% at 2019-end to 80% by September this year.

Meanwhile, the share of leasing for SEZ spaces in overall office leasing has dropped from 22% in 2019 to 7% between January and September this year, data from real estate consultancy Colliers showed.

Analysts expect the recent easing of SEZ rules to benefit commercial realty players who own properties in SEZs.

Embassy's peers Brookfield India Real Estate Trust REIT BROF.NS, Mindspace Business Parks REIT MINS.NS and DLF DLF.NS, who will also potentially benefit from the change in regulation, did not reply to Reuters' requests for comments.

($1 = 83.3238 Indian rupees)

(Reporting by Hritam Mukherjee and Anisha Ajith in Bengaluru; Editing by Varun H K and Mrigank Dhaniwala)

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** Shares of Brookfield India Real Estate Trust REIT BROF.NS, Embassy Office Parks REIT EMBA.NS rise as much as 2.90% and 1.7%, respectively

** Morgan Stanley expects the two real estate investors to benefit from government's decision to permit Special Economic Zones (SEZ) to partially lease their space, through the Special Economic Zones (Fifth Amendment) Rules, 2023, announced on Dec. 7

** Morgan Stanley estimates 80% chance of BROF, EMBA rising more than the benchmark Nifty 50 index over the next 60 days

** Brokerage has "overweight" rating on both BROF and EMBA

** New rules likely to lead to increase in occupancy within SEZ parks, and will be beneficial for commercial real estate developers, investors, says JM Financial

(Reporting by Bharath Rajeswaran in Bengaluru)

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Aug 4 (Reuters) - Brookfield India Real Estate Trust REIT BROF.NS:

• TO ISSUE 12.7 MILLION UNITS AT 315.04 RUPEES PER UNIT TO PROJECT DIAMOND HOLDINGS

• TO ISSUE AND ALLOT COMMERCIAL PAPERS IN FORM OF USANCE PROMISSORY NOTE(S) UP TO 7.5 BILLION RUPEES

Source text for Eikon: ID:nBSE7FyFPz

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Aug 2 (Reuters) - Brookfield India Real Estate Trust REIT BROF.NS:

• RAISES OVER 23 BILLION RUPEES THROUGH QUALIFIED INSTITUTIONAL PLACEMENT OF UNITS

• PROCEEDS WILL BE USED TO FUND ACQUISITION OF 50% STAKE IN TWO LARGE COMMERCIAL ASSETS

Source text for Eikon: ID:nNSE2WVwY5

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By M. Sriram

NEW DELHI, June 5 (Reuters) - Brookfield India Real Estate Investment Trust (REIT) BROF.NS has appointed eight investment banks for its planned equity raising of around $400 million, and is targeting the deal's closure by July, three people with direct knowledge said.

The Indian REIT of one of the world's largest alternative asset groups Brookfield manages 18.7 million square feet (1.7 million square metres) of office parks and buildings in cities such as Mumbai, Kolkata and Gurugram near New Delhi. Its tenants include Accenture ACN.F, Amazon AMZN.O and Samsung Electronics 005930.KS.

The trust told India's stock exchanges last month that it planned to raise up to $425 million for a recently announced $1.4 billion acquisition of 6.5 million square feet of Indian offices with Singapore's GIC. It gave no details of a timeline or how it would raise the funds.

The sources said the Indian REIT has started the process to complete the raising by July via a qualified institutional placement, which is a tool used by listed companies to raise funds from big investors such as mutual funds and insurance companies. The sources declined to be named because the talks are private.

The mandated banks are Morgan Stanley MS.N, Citigroup C.N, Bank of America BAC.N and Jefferies JEF.N, as well as local rivals Kotak, IIFL, JM Financial and Axis Capital, the sources added.

A Brookfield spokesperson declined to comment beyond its exchange disclosure last month. Morgan Stanley and Citi declined to comment, while the other banks did not respond to queries.

Preliminary talks with potential investors are underway, said one of the three sources.

REITs own and operate real estate assets, earning rent from the properties they manage that is used to distribute dividends to investors.

The deal plans come amid a slew of fundraisings in the Indian real estate sector, as well as rising demand for office space after the COVID-19 pandemic.

Blackstone-backed Nexus Select Trust NEXE.NS listed in India last month, while another large developer Lodha MACE.NS raised around $400 million in a share sale in December.

(Reporting by M. Sriram; Editing by Aditya Kalra and Jamie Freed)

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May 19 (Reuters) - Brookfield India Real Estate Trust REIT BROF.NS:

• BROOKFIELD INDIA REIT AND GIC FORM STRATEGIC PARTNERSHIP TO ACQUIRE TWO GRADE-A ASSETS IN INDIA

Source text for Eikon: ID:nNSEbmS468

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