Brookfield India Real Estate Trust is India’s only fully institutionally managed office real estate investment trust - a listed vehicle that owns premium office parks and pays out nearly all its rental income to investors as regular distributions. It was settled as a trust in mid-2020 and listed on the BSE and NSE in February 2021, seeded with an initial portfolio of four office properties from its sponsor, an affiliate of Brookfield Corporation, one of the world’s largest alternative asset managers. Everything the trust does follows a single recurring approach: buy large, irreplaceable office campuses in India’s biggest commercial hubs, fill them with multinational tenants on long leases, and use the predictable cash flows to fund distributions and the next acquisition - a cycle that has expanded its operating area from 10.3 million square feet at listing to 32.5 million square feet by March 2026.
Business segments
A single engine - owning and leasing Grade-A office and IT park campuses to multinational corporations and Global Capability Centers - supplemented by a small retail property and a shared sustainability backbone that runs across every asset.
1. Office and IT park leasing: the rent-collecting engine
The trust makes its money by renting out large, campus-format office spaces to global companies on contracts that typically lock in five to fifteen years of rising rent, giving it a highly visible income stream.
- Long leases with built-in rent increases - tenants sign up for an initial three to five years with renewal options, and the contracts include fixed periodic escalations; in FY26 alone, contractual step-ups averaged 8.7% across 11 million square feet of leased area.
- Premium campuses command higher prices - the portfolio’s integrated campus developments, with their own food courts, gyms, day-care and shuttle services, rent at a 20-30% premium over standalone buildings in the same micro-market.
- Tenants pay for upkeep too - beyond base rent, the trust recovers common-area maintenance costs from tenants on a cost-plus basis, so operating expenses are largely passed through rather than eating into margins.
2. Pavilion Mall, Ludhiana: a small retail footnote
A single 0.4-million-square-foot mall in Ludhiana sits inside the portfolio, contributing a sliver of diversified income from retail tenants on revenue-sharing and fixed-rent arrangements.
- Mixed rent model - office and anchor tenants pay fixed rent with escalations, while food-and-beverage outlets are charged on a revenue-sharing basis, giving the trust a small slice of variable, consumption-linked income.
- Modest scale within the whole - at 79% occupancy and an in-place rent of Rs. 57.6 per square foot, the mall is a rounding error next to the 32.5 million square feet of office space, but it adds a different tenant type to the mix.
Sustainability backbone
A portfolio-wide environmental programme runs across every asset, targeting net-zero carbon by 2040 and 100% renewable electricity by 2027 - and it is tied to the trust’s borrowing terms.
- Targets are written into the loans - the trust has sustainability-linked finance with specific milestones: a 52% cut in portfolio carbon emissions by 2031 (vs. nil in 2020), 100% renewable energy by 2031 (vs. < 2% in 2020), and 60% water recycling by 2031 (vs. 34% in 2020).
- Already halfway there on emissions - by FY26, emission intensity had fallen 46% from the FY2019-20 baseline, renewable electricity had reached 43% of total consumption, and 98% of waste was being diverted from landfill.
- Certifications cover the whole portfolio - every asset holds sustainability certifications (IGBC, BEE Energy Star, ISO 14001 or EDGE), every asset has a 5-Star rating from the Bureau of Energy Efficiency, and the trust has earned a GRESB 5-Star rating for four consecutive years.
Group structure and partners
The trust is a SEBI-regulated structure with a professional manager from the Brookfield group, an independent trustee, and a portfolio held through a mix of wholly-owned entities and a 50-50 joint venture with GIC, a global institutional investor.
- Three-party governance - Axis Trustee Services (a subsidiary of Axis Bank) acts as the independent trustee, Brookprop Management Services (a wholly-owned Brookfield subsidiary) is the manager and earns a fee of 1% of net distributable cash flows, and the sponsor is a Brookfield affiliate that held 19.37% of units as of April 2026.
- A right to buy the rest - the trust holds a right of first offer to acquire the remaining 50% stake in the North Commercial Portfolio from Brookfield’s private real estate fund after April 2026, and also has a right of first offer on Brookfield Group's 100% owned properties in Mumbai, giving it a visible path to full ownership.
- Growth has come through acquisitions funded by unit sales - since listing, the trust has repeatedly issued new units to institutional investors to fund purchases: the Ecoworld campus in Bengaluru was approved by unitholders on November 28, 2025 for Rs. 131 billion at a roughly 6.5% discount to independent valuations, and the sponsor’s pipeline includes another roughly 10 million square feet of potential future acquisitions across Pune, Bengaluru, Mumbai and Chennai.