Brookfield India REIT leases 1 million sq ft in Q3, best-ever performance since listing
Wipro, and Genpact during the quarter ended December. The REIT has also provided guidance of 2.0-2.4 million sq ft new leasing for the next 4-5 quarters.
Of the total deals, new leasing is around 500,000 sq ft including 400,000 sq ft in its Special Economic Zone (SEZ) assets, the highest ever since the REIT’s listing in February 2021. The December quarter leasing sequentially outperforms the previous best quarter of July-September by over 22%.
Lease renewals by occupiers including Deloitte and Evalueserve for 233,000 sq ft and 212,000 sq ft, respectively, totalled 539,000 sq ft during the quarter.
The REIT has applied for conversion of 1 million sq ft of commercial office spaces in SEZ to non-processing area across its operational portfolio of 20.7 million sq ft. The proposed denotification of 1 million sq ft is part of the total 3.8 million sq ft SEZ space that is currently vacant.
“Increased demand for Grade A office assets has resulted in gross leasing surpassing 1 million sq ft for the quarter, including a record quarterly new leasing of 5 million sq ft since our IPO. Our assets witnessed strong traction with robust leasing demand from global capability centres of large corporates and technology services companies,” said Alok Aggarwal, Chief Executive Officer, Brookfield India Real Estate Trust.
He expects the recently announced reforms to further boost the demand for SEZ assets and has applied for conversion of 1 million sq ft of SEZ spaces into non-processing area across the company’s portfolio.
“With a
