Well, to be fair they have said many times there’s no conflict of interest as Private InVIT just serves as platform to develop assets, those assets don’t generate cash right now. they haven’t given distribution in long time. Of course, I am skeptic of them, why they need separate InVIT why not do it under the IRB developers but I don’t think Public InVIT will be interested in those assets. I think They are just plain lazy/incompetent. A few times they have also said because interest rates are so high IRR calculation on HAM assets don’t make sense, which is true but why not look for BOT assets ?
Also, yeah maybe they would acquire some asset after rate cuts but as we have seen InVITs and REITs keep raising equity capital even after having debt room, which has never made sense to me.
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