Brookfield India Real Estate Trust (Brookfield India REIT) has secured over 1.1 million sq ft of office space leases in the quarter, bringing its total gross leasing to over 2.3 million sq ft. This possession includes 1.8 million sq ft in new leases and 500,000 sq ft in renewals.
The REIT’s operating lease rentals increased by 13% year-on-year, reaching ₹442.6 crore. It also recorded a 9.4% average escalation across its 5.1 million sq ft leased space. The net operating income for the quarter grew by 11%, amounting to ₹503.7 crore.
“We delivered a robust performance with gross leasing exceeding 1 million sq ft for the second consecutive quarter. Occupancy rose 7.7 % on-year to 87%, which aligns with guidance. Our recent QIP fundraiser received strong backing from marquee domestic and foreign investors. We see strong prospects for growth ahead,” said Alok Aggarwal, CEO and MD of Brookfield India Real Estate Trust.
In December, the REIT raised ₹3,500 crore through a Qualified Institutional Placement, attracting investments from both foreign and domestic institutional investors such as the International Finance Corporation, Life Insurance Corporation of India, SBI Mutual Fund, and ICICI Prudential Mutual Fund.
The REIT intends to use the funds raised to strengthen its financial position and gain flexibility in pursuing strategic inorganic growth opportunities.
Brookfield India REIT has also sought to de-notify several areas within its Special Economic Zone (SEZ) portfolio as non-processing zones. It has received approval for around 700,000 sq ft of this space during the quarter.
The REIT has declared a distribution of ₹4.90 per unit for the quarter ending in December, bringing its total distributions to ₹14 per unit, or ₹734.6 crore, for the first nine months of the financial year.
Brookfield India REIT is the country’s only 100% institutionally managed office REIT, overseeing 10 Grade A properties across major Indian cities, including Mumbai, Delhi, Gurugram, Noida, and Kolkata.
The Brookfield India REIT portfolio spans a total leasable area of 28.9 million sq ft, 24.3 million sq ft of operating space, 0.6 million sq ft under construction, and 4.0 million sq ft of potential future development.
An affiliate of Brookfield backs Brookfield India REIT, with Brookfield’s asset management division being one of the world’s top alternative asset managers. With approximately $1 trillion in assets under management, Brookfield operates across real estate, infrastructure, renewable power, private equity, and credit strategies, with a global presence in over 30 countries.