(Bloomberg) — Brookfield Asset Administration Inc. has picked banks for an preliminary public providing of its India actual property funding belief that would elevate a minimum of $500 million, based on individuals aware of the matter.The Canadian asset supervisor has chosen Bank of America Corp., Citigroup Inc. and Morgan Stanley to rearrange the REIT providing, mentioned the individuals, who requested to not be recognized as the knowledge just isn’t public. An inventory on the Mumbai stock exchange might occur as quickly as the top of this yr, the individuals mentioned.Brookfield held discussions on the potential IPO of its industrial actual property property in India since late final yr, Bloomberg Information reported in December. Particulars of the providing together with its measurement and timeline might nonetheless change and extra banks might be a part of at a later stage, the individuals mentioned.A profitable providing will add to India’s rising variety of REIT listings, together with Blackstone Group Inc.-backed Mindspace Enterprise Parks REIT, which is in search of to boost about $600 million. The debut of Embassy Workplace Parks REIT final yr marked the nation’s first such itemizing because the regulator saved tweaking guidelines to make it extra enticing to builders and traders. It’s opened a fundraising avenue for India’s cash-starved property sector.Brookfield, which manages greater than $515 billion property globally, owns and operates 22 million sq. ft of workplace properties in India, based on its web site. It additionally owns seven toll roads, photo voltaic and wind property, a building enterprise and actual property administration providers within the South Asian nation.Representatives for Brookfield, Citigroup and Morgan Stanley declined to remark, whereas a consultant for Bank of America didn’t reply to a request for remark.For extra articles like this, please go to us at bloomberg.comSubscribe now to remain forward with essentially the most trusted enterprise information supply.©2020 Bloomberg L.P.