KR Choksey has come out with its report on Brookfield India Real Estate Trust. The research firm has recommended to ”Subscribe” the ipo in its research report as on February 02, 2021.
Broker Research
February 03, 2021 / 05:49 PM IST
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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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KR Choksey IPO report on Brookfield India Real Estate Trust
Brookfield REIT is India’s only institutionally managed public commercial real estate vehicle, sponsored by an affiliate of Brookfield Asset Management (“BAM”), one of the world’s largest alternative asset managers with approximately US$ 575 billion in assets under management, as of September 30, 2020. The goal of the entity is to be the leading owner of high-quality income producing commercial real estate assets in key gateway Indian markets, which have significant barriers to entry. Initial Portfolio comprises 14.0 msf (10.3 msf completed area, 0.1 msf of under construction area and 3.7msf of future development potential. It has rights to acquire a further 8.3 msf and rights of first offer on an additional 6.7 msf, both currently owned by members of the Brookfield Group.
Valuation and Outlook
At higher end of unit price of INR 275, it is available at steep discount of 11.6% to its NAV/ unit as of 30th September 2020 which stands at INR 311 NAV/ unit. As of 14th Dec-20 its peers, Embassy office Park REIT and Mindspace Business Park REIT were trading at discount of 5.3% and 3.0% respectively of its NAV/unit. Brookfield at 11.6% discount of its NAV/units provides a comfort to its valuation. Thus, we recommend a “SUBSCRIBE” rating for the IPO.
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