Brookfield India Real Estate Q1 results: Net income up 4.5% to ₹245.3 crore

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₹245.3 crore in the first quarter ended June 30 of the fiscal year 2024. The company had reported net income at ₹234.6 crore in the same quarter a year ago. Brookfield India also announced the distribution of ₹164.16 crore to its unitholders.

Income from operating lease rentals rose 3.9% year-on-year to ₹211,3 crore from ₹203.4 crore in the same period a year ago, Brookfield India Real Estate Trust said in a statement. In the June quarter of FY24, the company did gross leasing of 298,000 square feet, which includes 63,000 square feet of new leasing and 235,000 square feet of renewals. The company said it has financial commitment in place for the acquisition of two large commercial assets, totalling 6.5 million square feet, in an equal partnership with GIC, from Brookfield Asset Management's private real estate funds.

Brookfield India Real Estate Trust had recently raised ₹2,305.4 crore through the qualified institutional placement (QIP). On August 4, the company said that it will raise ₹400 crore by issuing units to sponsor group entity Project Diamond Holdings on preferential basis. It also plans to raise up to ₹750 crore through issue of commercial papers to finance acquisition of two commercial assets in Gurugram and Mumbai.

The company said the acquisitions of Downtown Powai, Mumbai and Candor TechSpace (G1) Gurugram will add significant scale and diversification to its portfolio. In May, Brookfield India REIT and Singapore's GIC had announced an equal partnership to acquire two commercial properties in India for $1.4 billion. The transaction is on track to close in the second quarter of this fiscal, it added.