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Brookfield India Real Estate Trust (Brookfield India REIT) has successfully garnered Rs 750 crore by issuing commercial papers, as announced in a filing with the BSE. In a recent strategic manoeuvre, Brookfield India REIT demonstrated its dynamism by issuing and distributing 15,000 dematerialized, rupee-denominated, listed, and rated commercial papers. This collective value amounts to a remarkable Rs 750 crore, with each paper holding a face value of Rs 5,00,000. The company's regulatory disclosure unveiled this noteworthy action, underscoring its commitment to innovative financial tactics.
These funds will serve a multipurpose agenda, ranging from debt repayment of the SPVs associated with Brookfield India REIT to managing transaction expenditures, addressing capital outlays, and fulfilling the working capital necessities of both Brookfield India REIT and its SPVs. CRISIL has bestowed the 'CRISIL A1+' rating on these commercial papers. In a separate regulatory disclosure, the company disclosed that it has recently concluded the acquisition of 50% of the share capital of Candor Gurgaon One Realty Projects (Candor G1) through a subscription to 1 equity share and 2 compulsorily convertible debentures. Furthermore, it has procured 5,031 equity shares and 4,559 compulsory convertible debentures of Candor G1 from BSREP India Office Holdings II and BSREP India Office Holdings.
Concurrently, Reco Cerium, a GIC affiliate, has also finalized the acquisition of 50% of the share capital of Candor G1 through the purchase of 5,032 equity shares and 4,561 compulsory convertible debentures of Candor G1 from BSREP India Office Holdings II. Additionally, both Brookfield India REIT and GIC affiliates have demonstrated proactive engagement by subscribing to unlisted nonconvertible debentures of Candor G1, each contributing a noteworthy sum of Rs 531 crore. The funds generated from this subscription will be directed towards the coverage of interest and coupon payments on compulsorily convertible debentures held by the BSREP India Office.
Candor G1 currently owns and operates an IT/ITES SEZ under the name of Candor Techspace IT/ITES SEZ, sprawling across a substantial 25.19 acres in the prominent Sector 48, Gurugram. These strategic acquisitions, namely Downtown Powai, Mumbai, and Candor TechSpace (G1), Gurugram, are poised to significantly amplify the scale and diversity of Brookfield India REIT's extensive portfolio. The company's assertion is that this transaction is on track for completion within the second quarter of this fiscal year.
With strategically positioned office parks in Mumbai, Gurugram, Noida, and Kolkata, Brookfield India Real Estate Trust boasts an extensive portfolio comprising 18.7 million square feet. This includes a completed area of 14.3 million square feet, 0.6 million square feet under construction, and a promising future development potential of 3.9 million square feet.
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