By Aditya Raghunath
Investing.com — Brookfield Property Reit Inc (NASDAQ:) was a damp squib on its listing day as it ended at Rs 268.93, 2.21% lower than its issue price of Rs 275. The stock listed at Rs 281.7 on the NSE, 2.4% over its issue price but quickly fell and didn’t really recover for the rest of the session. Retail investors who would have been hoping for significant listing gains would have ended up pretty disappointed today.
However, REITs have not fared too well on the exchanges. Embassy Office Parks REIT (NS:) had an issue price of Rs 300 in April 2019. It closed on day one at Rs 328 and is currently trading at Rs 348.95. The stock has gone up 16% in almost 23 months. Mindspace Business Parks Reits (NS:) had an issue price of Rs 275 when it applied for an IPO in August 2020. The stock closed the day at Rs 304 and is currently trading at Rs 320, 16% up from its issue price.
Brookfield REIT is backed up by Canada’s Brookfield Asset Management Inc (TSX:), and had come out with a Rs 3,800 crore public issue that closed with retail investors oversubscribing by 12 times and institutional investors oversubscribing by 5 times.
Brookfield REIT owns and operates a portfolio that includes 42 million sq ft in office properties. Around 93% of its portfolio value is derived from completed assets.