*An eight-part series covering the commercial and legal
considerations of REIT listings in India.
Click here to read Part 2.
Institutional investors have demonstrated a steadfast interest
in Indian real estate in recent years. Private equity investments
in the real estate sector peaked at $2.5 billion in the first
quarter of 2019 – the highest since 2008.1 With
the lion's share of investments being cornered by commercial
office spaces, retail and hospitality sectors, the introduction of
the Real Estate Investment Trust (REIT) framework
in India comes at an opportune time, providing investors with an
additional avenue for potential exits.
However, as the dust settles over India's first REIT
listing, it is now apparent that a REIT IPO is vastly different and
distinct from an IPO by a company in many respects. Given the
inherent intricacies and nuances of the REIT framework, investors
seeking to exit via a REIT listing will need to re-calibrate,
re-assess, and
