November 7, 2023: Brookfield India Real Estate Trust (Reit) on November 7 announced its financial results for the second quarter (Q2 FY24) and half year (H1 FY24) ended September 30, 2023.
According to an official statement, adjusted net operating income grew by 44% year-onyear to Rs 3,467 million, from Rs 2,413 million in Q2FY2023. Its income from operating lease rentals increased by 33% YoY to Rs 2,741 million, from Rs 2,056 million in Q2 FY2023. Brookfield India Reit achieved gross leasing of 521,000 square foot, including 463,000 square foot of new leasing, with a re-leasing spread of 19% on new leases. It also achieved a 7% average escalation on 1.6M square foot leased area.
In the period spanning April-September 2023, the company also completed the acquisitions of Downtown Powai and Candor TechSpace (G1) Gurugram in an equal partnership with GIC in August 2023, expanding operating area by 45% and consolidated gross asset value by 74%. It also strengthened its presence in Mumbai and Gurugram and diversified tenant roster, with the BFSI share increasing from 12% to 22%, and top-5 tenant concentration reducing from 52% to 31%. Brookfield India Reit raised Rs 27 billion in capital with strong participation from the Sponsor Group, existing unitholders and new investors.
“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. We achieved gross leasing of 521,000 sf and signed 463,000 sf(1) of new leases in the second quarter, with releasing spreads of 19%. India is already the “office to the world” and is emerging as the destination of choice
for fostering global business operations and innovation. At Brookfield India REIT, we are committed to providing the essential infrastructure and a sustainable ecosystem that serves as a backbone for the global economy,” said Alok Aggarwal, CEO, Brookfield India Reit.
India’s first institutionally managed Reit, it comprising seven large integrated office parks located across Mumbai, Gurugram, Noida and Kolkata. The Brookfield India Reit portfolio consists of 25.3 million square foot of total leasable area, comprising 20.7 msf of operating area, 0.7 msf of under-construction area and 3.9 msf of future development potential. Brookfield India Reit has a right of first offer on an additional 4.0 msf, currently owned by members of the Brookfield Group.
Brookfield India Reit is sponsored by an affiliate of Brookfield whose asset management business is one of the world’s leading alternative asset managers with approximately $850 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit strategies and a global presence across more than 30 countries.
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