Sidley acted as U.S. counsel to the Brookfield India Real Estate Trust (BIRET) on its US$415 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 10 Grade A assets located in key gateway markets of India. It is sponsored by an affiliate of Brookfield Corporation, whose asset management business is one of the world’s largest alternative asset managers.
This is the only QIP by an Indian REIT in 2024, and it marks the first REIT investment in India from the World Bank member International Finance Corporation and the Life Insurance Corporation of India.
Manoj Bhargava and 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.
Sidley represented BIRET as international counsel in connection with its US$525 million initial public offering in 2021 and advised BIRET on its US$280 million QIP in 2023.
This transaction is one of several very prominent QIPs the Sidley team advised on in December, including Godrej Property’s QIP and Torrent Power’s QIP.
The firm’s market leadership in India-related matters has been widely recognized, with Sidley named as a Top Foreign Law Firm for work in India by the India Business Law Journal in 2024 for the seventh year running. Sidley has continued to advise on innovative, market-first equity offerings in 2024, including of FirstCry, Sagility, Medi Assist Healthcare, Vodafone Idea, and Afcons Infrastructure.
Sidley was also named Securities Firm of the Year at Law.com International’s Asia Legal Awards 2024, underscoring the firm’s preeminence in securities offerings.
