Reaserch

Embassy to Mindspace to Brookfield: why REITs move like stocks but deliver only bond-like returns


Synopsis

It’s been seven years since Sebi came out with regulations for REITs. Since then, the asset class has witnessed several changes in regulations. With businesses recovering from the pandemic shock, REITs have been witnessing strong demand from HNIs. But to make them a popular asset class as in more developed markets, additional disclosures to investors are necessary.

In the summer of 2019, when Embassy Office Parks became the first real estate investment trust (REIT) to be listed on Indian bourses, retail investors were expecting strong listing gains. While the issue was subscribed 2.15 times by qualified institutional investors, the interest from the non-institutional category was strong, with a subscription of 3.1 times. However, retail investors were disappointed as the REIT got listed at INR308 on the

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