Sidley advised Brookfield India Real Estate Trust (BIRET) on its US$280 million qualified institutions placement (QIP) of units.
BIRET is India’s first institutionally managed real estate investment trust (REIT) and is among just four listed REITs on the Indian stock exchanges. BIRET’s portfolio comprises five large campus-format office parks across strategic locations in India. It is sponsored by an affiliate of Brookfield Corporation, one of the world’s largest alternative asset managers.
Proceeds from the QIP will be used towards financing BIRET’s acquisition of two large commercial assets in India, from Brookfield Asset Management’s private real estate funds, through a first-of-its-kind partnership with GIC, the sovereign wealth fund of Singapore.
The Sidley team was led by partner Manoj Bhargava and counsel Shashwat Tewary with support from associates Sarangan Rajesh Kumar and Jayant Bhardwaj (all based in Singapore) and partners Robert M. Kreitman, Nicholas R. Brown, and Carla G. Teodoro and managing associate Alvin Wang (all based in New York).
BofA Securities India, Morgan Stanley India Company, Kotak Mahindra Capital Company, Citigroup Global Markets India, Axis Capital, Jefferies India, JM Financial, SBI Capital Markets, IIFL Securities, BOB Capital Markets, and ICICI Securities served as book running lead managers for this QIP.
In 2021, Sidley represented BIRET as international counsel in connection with its US$525 million initial public offering.
Sidley is one of the most experienced international law firms executing capital markets transactions in India and other Asian markets. The India Business Law Journal has ranked Sidley a Top Foreign Law Firm for India work for five consecutive years. Sidley was also ranked as the leading legal adviser globally for India equity offerings in 2022 for manager counsel and by overall deal count in the Bloomberg Global Legal Adviser League Tables FY 2022 and was credited for advising on 12 India equity offerings in 2022, more than any other law firm.