Brookfield India REIT leases over 1.1 million sq ft in October-December
Brookfield India Real Estate Trust (Brookfield India REIT) has leased over 1.1 million sq ft office space during the quarter taking its total gross leasing to over 2.3 million sq ft, including 1.8 million sq ft of new leasing and 5 lakh sq ft of renewals.
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The REIT’s operating lease rentals rose 13% from a year ago to Rs 442.6 crore and has recorded 9.4% average escalation on its 5.1 million sq ft leased area. Net Operating Income for the quarter rose 11% to Rs 503.7 crore.
“We delivered a robust performance with gross leasing exceeding 1 million sq ft for the second consecutive quarter. Occupancy rose by 7.7 % on-year to 87%, in line with guidance. Our recent QIP fundraise received strong backing from marquee domestic and foreign investors. We see strong prospects for growth ahead,” said Alok Aggarwal, CEO and MD, Brookfield India Real Estate Trust.
In December, the REIT raised Rs 3,500 crore through a Qualified Institutional Placement to foreign and domestic institutional investors like the International Finance Corporation, Life Insurance Corporation of India, SBI Mutual Fund, and ICICI Prudential Mutual Fund.
This capital raise is aimed at enhancing financial capacity and providing the necessary headroom to pursue strategic inorganic growth, the REIT said.
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