Mindspace broadens REIT market

摘要

A positive response to the Rs45bn (US$599m) IPO of MINDSPACE BUSINESS PARKS REIT, India's second real-estate investment trust, shows that investors are warming up to the format. Ample liquidity, a benign interest rate outlook and muted economic growth are enhancing the appeal of REITs that offer steady yields, provided the sponsors are well-known, the assets stable and the issue size decent. BROOKSIELD ASSET MANAGEMENT is next in line for an up to US$500m IPO later this year via Bank of America, Citigroup and Morgan Stanley. Like Mindspace, the RETT will hold office assets. "Indian equity investors are still chasing growth but are now open to the idea of steady returns," an ECM banker on the Mindspace deal said.