Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Brookfield India REIT leases over 5.21 lakh sq ft in July-September.

Date: 07-11-2023
Subject: Brookfield India REIT leases over 5.21 lakh sq ft in July-September
Brookfield India Real Estate Trust has leased over 5.21 lakh sq ft office space including 4.63 lakh sq ft of new leasing during the quarter ended September. Of this, the listed Real Estate Investment Trust (REIT) has leased over 3.18 lakh sq ft in its Special Economic Zone (SEZ) assets with 2.20 lakh sq ft of expansion demand from existing occupiers.

Around 37% of the office space was leased to Global Capability Centers (GCCs). The robust demand for office spaces and resultant leasing momentum, especially to set up GCCs has been driving the performance of commercial real estate across India’s key property markets.

“India is already the “office to the world” and is emerging as the destination of choice for fostering global business operations and innovation,” said Alok Aggarwal, Chief Executive Officer, Brookfield India Real Estate Trust.

It has achieved an average 7% escalation in rentals on 1.6 million sq ft leased area during the quarter. The REIT is additionally working on a leasing pipeline of 2.2 million sq ft.

The company has acquired 6.5 million sq ft office space with assets including Downtown Powai in Mumbai and Candor TechSpace in Gurugram in an equal partnership with GIC in August.

“The second quarter was transformative for our business due to the successful acquisitions of Downtown Powai and Candor TechSpace (G1) Gurugram. These transactions have increased our operating area by 45%, strengthened our presence in Mumbai and Gurugram and substantially diversified our tenant roster,” Aggarwal said.

The REIT has recorded 44% growth in adjusted net operating income for the quarter ended September at Rs 346.7 crore. Income from operating lease rentals rose 33% to Rs 274.1 crore.

It has announced distribution of Rs 193.2 crore or Rs 4.40 per unit, with income from Downtown Powai and Candor TechSpace Gurugram flowing through partially in the September quarter’s cash flows.

Brookfield India Real Estate Trust comprises seven large integrated office parks located in key cities of India including Mumbai, Gurugram, Noida, and Kolkata. The Brookfield India REIT portfolio consists of 25.3 million sq ft of total leasable area.

The portfolio comprises 20.7 million sq ft operating area, 7 lakh sq ft under construction area and 3.9 million sq ft of future development potential. The REIT holds a right of first offer on an additional 4.0 million sq ft, currently owned by members of the Brookfield Group.

 Source Name : Economic Times

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

Exim Guru Copyright © 1999-2024 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001