### **Overview** Brookfield India Real Estate Trust (BIRET) is India’s **only 100% institutionally managed office REIT**, focusing exclusively on high-quality Grade A commercial real estate assets in key economic hubs. Sponsored by an affiliate of **Brookfield**, a global alternative asset manager with over **$1 trillion in assets under management (AUM)**, BIRET combines strong local presence with global operational expertise. The REIT owns and manages 10 Grade A office assets across India’s gateway cities, including **Delhi, Gurugram, Noida, Mumbai, and Kolkata**, with a total leasable area of **29.1 million square feet (MSF)**. As of November 2025, BIRET continues to demonstrate **stable occupancy, strong tenant quality, and robust growth potential**, supported by a **pipeline of strategic acquisitions, development opportunities, and favorable market dynamics** in India's commercial real estate sector. --- ### **Portfolio Highlights** - **Total Leasable Area**: 29.1 MSF - **Operational Area**: 24.6 MSF - **Under Construction**: 0.6 MSF - **Future Development Potential**: 3.9 MSF - **Committed Occupancy**: 90% - **Weighted Average Lease Expiry (WALE)**: 6.6 years - **In-Place Rent**: ₹98 per sq. ft. per month - **Gross Asset Value (GAV)**: Over ₹380 billion (as of FY2025) BIRET's portfolio is diversified across **technology, BFSI, consulting, telecom, healthcare, and retail sectors**, with **69% multinational occupiers** and **26% Fortune 500 tenants**, ensuring high tenant credit quality and long-term income stability. --- ### **Key Assets and Developments** #### **1. Ecoworld, Bengaluru** - **Area**: 7.1 MSF operational, 0.7 MSF value-add potential (Campus 3) - **Leased**: 94% - **WALE**: 6.0 years - **In-Place Rent**: ₹102 per sq. ft. - **Mark-to-Market (MTM) Upside**: ~27% - **NOI Growth Expectation**: 8% CAGR over next 5 years - **Notable Tenants**: Morgan Stanley, Honeywell, Standard Chartered, Shell - **Location**: Outer Ring Road – a prime IT corridor with strong connectivity and talent access. #### **2. Candor TechSpace N2, Noida** - **Area**: 4.5 MSF across 29.7 acres - **One of the largest multi-tenanted office campuses in Noida** - **Lease Structure**: 9-year leases, 15% escalation every 3 years - **Market Office Rent**: ₹64.63–71.29/sq. ft. (SEZ vs. non-SEZ) - **Retail Rent**: ₹103–105/sq. ft. - **Rental Growth Assumption**: 5% from FY27 #### **3. Worldmark Delhi & Gurugram (Aerocity, Sector 65)** - **Mixed-use developments** with a focus on **‘Live-Work-Play’ ecosystems** - **AtelierSuites**: A new 62,000 sq. ft. premium executive suite facility launched in Aerocity, New Delhi (Nov 2025), featuring private studios and meeting rooms - **Proximity to IGI Airport** enhances appeal for corporate leaders - **Burma Burma restaurant and Underdoggs gaming lounge** added to strengthen placemaking and lifestyle integration. #### **4. Downtown Powai, Mumbai** - **Combined Commercial & SEZ portfolio** spanning 2.7 MSF in a 250-acre township - **Top revenue contributor**: ₹5,771 million in FY2025 - **In-Place Rent (SEZ)**: Up to ₹127–180/sq. ft. - **Leased to global firms like TCS, Accenture, and Cognizant** - **Strong infrastructure and metro connectivity** with IIT Powai nearby --- ### **Tenant Quality & Leasing Performance** - **Top 5 Tenants by Rental Contribution**: - **Tata Consultancy Services (TCS)** - **Accenture** - **Bharti Airtel** - **Cognizant** - **A leading international bank** → Collectively account for **24% of gross contracted rentals**. - **Sector Distribution of Rentals**: - **Technology**: 24% - **Financial Services**: 19% - **Consulting**: 12% - **BFSI and Telecom** are key demand drivers. - **H1 FY2025 Leasing**: - **1.2 million sq. ft. gross leasing**, including **1.0 million sq. ft. new leasing** - **20 new tenants added**, total tenant count: **254** - **Average re-leasing spread**: 19% (June 2025) --- ### **Growth & Strategic Initiatives** #### **Sponsor Pipeline & Acquisition Strategy** - The **sponsored group holds an additional 26 MSF** of commercial real estate in high-growth markets: - **Ecolab (Chennai) – 1.6 MSF** - **NxT & Centennial (Bengaluru) – 1.4 MSF** - **Ecospace (Bengaluru) – 1.6 MSF** - **Bluegrass (Pune) – 2.1 MSF** - **Waterstones (Mumbai) – 1.4 MSF** - BIRET has **rights of first offer (ROFO)** on these sponsor-held assets, enabling **value-accretive inorganic growth**. - **Past Acquisitions**: - **Candor TechSpace G1 (Gurugram)** - **Downtown Powai (Mumbai)** - **North Commercial Portfolio (Worldmark, Airtel Center, etc.)** → These increased operating area from **10.3 MSF (2021)** to **24.5 MSF (2025)**. #### **Future Development** - **99,924 sq. ft. leasable area** scheduled for completion by **Q3 FY2029–30** - **Future development project of 103,884 sq. ft.** expected by **Q4 FY2032–33** - Focus on **sustainable construction**, including: - Rooftop solar panels - STP and water-efficient systems - 100% organic waste recycling - LED lighting and smart power backup --- ### **Financial Strength & Capital Structure** - **Credit Rating**: AAA (strong financial discipline) - **Total Gross Debt**: ₹112.8 billion - **Average Cost of Debt**: 8.1% - **80% of debt linked to repo rates**, positioning the REIT to benefit from future rate cuts - Raised **₹47 billion** via QIP (Jun 2025) – first Indian REIT investment by **IFC and LIC**, anchored by **SBI MF and ICICI Prudential** - **Net Distributable Cash Flow (NDCF)** expected to grow ~21% driven by leasing recovery, rent escalations, and NOI growth --- ### **Sustainability & Technology** - **Renewable Energy**: Powered by **Brookfield’s Bikaner Solar Project (550 MWp)** via ISTS bilateral agreement - Cuts **~40,000 MT of CO₂ annually** - **100% renewable energy** under implementation at K1 and Powai - **Smart Campuses**: RFID access, 24x7 surveillance, IoT-enabled monitoring - **Climate Resilience**: Partnerships with **ClimateB Ventures** to pilot flood mitigation using drone-based topographical mapping and rainwater harvesting --- ### **Geographic & Infrastructure Advantages** - **Gurugram & NCR**: Strong talent availability from **Delhi, Haryana, Punjab, Rajasthan, and UP** - Connected via **NH-48, metro networks** - Emerging **South Belt District (SBD)** with high rental growth potential - **Noida–Greater Noida Expressway**: A growing IT/ITeS cluster with integrated infrastructure - **Bengaluru, Mumbai, Pune, Chennai**: Major offshore centers attracting **Global Capability Centers (GCCs)** ---