Brookfield Asset Management has reportedly finalised three banks for the initial public offering (IPO) of its real estate investment trust (REIT) in India.
The Canadian company has picked Morgan Stanley, Citigroup and Bank of America to arrange the REIT offering, which is expected to raise at least $500 million, sources told Bloomberg. The company is also considering listing on the BSE by 2020-end, they added.
Moneycontrol could not independently verify the report.
The discussions on the REIT IPO have been underway since 2019, and the sources said that specifics such as timeline, offer size, and number of banks involved could still change.
Morgan Stanley, Citigroup, Bank of America and Brookfield did not respond to queries, the report added.
The move however comes after a string of successful REIT listing in India by Mindspace Business Parks which raised $354 million, and Embassy Office Parks in 2019. The method has opened another pathway to funding for the strapped property sector.
Brookfield manages over $515 billion worth assets worldwide, operating 22 million square feet of office properties in India alone.
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