Brookfield India REIT, NCW Partner on 1,700 Crore BKC Deal

Brookfield India REIT and NCW Prime Offices Fund have agreed to jointly acquire a 264,000 sq ft Grade-A office asset in Mumbai’s BKC for ₹1,700 crore. The equal partnership will give NCW its first exposure to Mumbai’s commercial real estate market.

Brookfield India Real Estate Trust (REIT) and NCW Prime Offices Fund have entered into binding agreements to jointly acquire a 264,000 sq ft Grade-A office property in Mumbai’s Bandra-Kurla Complex (BKC) for an enterprise value of ₹1,700 crore. The transaction will be structured as an equal partnership between the two entities. 

The office property, located in G Block of BKC, comprises three contiguous floors and is leased to tenants across the financial services, real estate and technology sectors. Brookfield will continue to manage the asset after the transaction, allowing the REIT to retain operational oversight of the property.

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The acquisition will give NCW Prime Offices Fund its first exposure to Mumbai's commercial real estate market. The fund, managed by NCW Asset Management, a 50:50 partnership between Nuvama Asset Management and Cushman & Wakefield Management, focuses on commercial office assets across major Indian markets. The fund completed its final close at ₹4,000 crore in 2026 and has an existing portfolio covering around 4 million sq ft of leasable space.

For Brookfield India REIT, the transaction will strengthen its presence in BKC, one of Mumbai's established commercial districts. The acquisition is expected to diversify the REIT's tenant base while adding an institutional-quality office asset to its portfolio.

According to transaction details, the property has been valued at an average of ₹1,763.3 crore by two independent valuers, placing the agreed enterprise value at a 3.59% discount to the valuation. The deal is being undertaken through a partnership structure, allowing both investors to share ownership and capital requirements.

The asset is currently 89% leased, with Letters of Intent expected to take committed occupancy to 100% by September 30, 2026. The acquisition therefore comes with an established tenant base and limited immediate vacancy exposure.

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The transaction is subject to the required approvals, including unitholder consent scheduled for September 3, 2026, with completion expected by September 30. Brookfield has also retained the right to acquire the remaining stake if NCW does not complete its portion of the transaction.

The acquisition comes alongside strong operating performance from Brookfield India REIT. For Q1 FY27, the trust reported a 51.7% year-on-year increase in net operating income to ₹756.6 crore, supported by higher leasing activity and operating lease rentals. The REIT achieved 1.1 million sq ft of gross leasing during the quarter and reported committed occupancy of 93%.

The BKC transaction reflects continued institutional interest in Mumbai's Grade-A office market and provides Brookfield and NCW with an opportunity to expand their exposure to a premium commercial micro-market.