Shardul Amarchand Mangaldas & Co and Sidley Austin have advised their longstanding client Brookfield India Real Estate Trust (BIRET) on its $415 million equity offering through a qualified institutional placement of shares – the only QIP by an Indian REIT in 2024. 

Trilegal and White & Case advised the bookrunning lead managers to the offering, namely Kotak Mahindra Capital, Avendus Capital and Elara Capital (India).

The offering marks the first REIT investment in India from the World Bank member International Finance Corporation and the Life Insurance Corporation of India. The issue saw strong demand from long-term investors including a mix of offerings from institutions, mutual funds, and life insurance companies.

This is the third institutional placement by a listed Indian REIT and the second one by Brookfield India Real Estate Trust. SAM and Sidley represented BIRET on its $525 million initial public offering in 2021 and advised BIRET on its $280 million QIP in 2023.
 
The SAM transaction team was led by partner Nikhil Naredi and included partners Rohit Tiwari and Priya Awasthi, senior associates Harini Jambunathan and Harsh Loonker, and associate Mathangi K. The transaction was supported by SAM’s general corporate team led by partner Jay Gandhi with assistance from principal associate Namrata Mehta, and associates Divya Venkataramani, Koninika Bhattacharjee and Mrinal Sharma.

Partner Manoj Bhargava and counsel Shashwat Tewary led the Sidley team, which included Justin Lashley, Dhanush Dinesh, and Sanketh Hareesh Kumar, with support from Dan O’ Shea Carla G. Teodoro, Nicholas R. Brown and Tyler Combest.

The Sidley team advised on a number of other QIPs in December, including Godrej Property’s QIP and Torrent Power’s QIP.

The White & Case team comprised partners Kaya Proudian, Rahul Guptan and Steven Gee, and associates Rachna Talati, Ji Yang Lim, and Girindra Henriyono.