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
