Brookfield India REIT Q1 Results: Net operating income at Rs 245 cr, distribution at Rs 164 cr
It has announced distributions totalling Rs 164.2 crore for the quarter.Brookfield India REIT has achieved gross leasing of 2.98 lakh sq ft during the quarter including 63,000 sf of new leasing and 2.35 sq ft of renewals. The REIT witnessed an average escalation of 9.1% on 1.7 million sq ft leased area.
“With the successful execution of the capital raising program, we are looking to complete the previously announced acquisitions. The transformative additions of highly complementary and fully built properties to the REIT will significantly increase its scale, quality, and occupancy level,” said Alok Aggarwal, CEO, Brookfield India Real Estate Trust.
With the recent capital raise and proposed fund raising of over Rs 3,455 crore the REIT has secured financial commitment for the acquisition of two large commercial assets, totalling 6.5 million sq ft, in an equal partnership with GIC, from Brookfield Asset Management’s private real estate funds. It has raised Rs 2,305 crore through an issue of Qualified Institutional Placement (QIP) of its units to 64 domestic and global funds and entities of Goldman Sachs, CDPQ, Morgan Stanley Asia (Singapore), Citigroup Global Markets, BoFA Securities, and Canada Life Global.
It is also looking to raise additional up to Rs 1,150 crore through combination of preferential issue of units to its sponsor group and commercial paper. The REIT will be raising nearly Rs 400 crore through issuance of up to 1.27 crore units to a sponsor group entity Project Diamond Holdings.
The issue will be priced at Rs 315.04 per unit, nearly 25% premium to the issue price of the QIP. The issue of commercial paper with a maturity period of up to 1 year will aggregate up to Rs 750 crore
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