Brookfield India REIT Q1 net operating income increases to Rs 245 crore

Brookfield India Real Estate Trust a 4.5 percent rises in net operating income to Rs 245.3 crore in the June quarter and announced distribution of Rs 164.16 crore to unitholders. Adjusted net operating income grew 4.5 percent year-on-year to Rs 245.3 crore in the first quarter of the current fiscal from Rs 234.6 crore in the year-ago period. Income from operating lease rentals grew 3.9 percent on-year to Rs 211,3 crore from Rs 203.4 crore in the same period a year ago. On the operational front, the company did gross leasing of 2,98,000 square feet in the June quarter, which includes 63,000 square feet of new leasing and 2,35,000 square feet of renewals.

Brookfield India Real Estate Trust said it has financial commitment in place for the acquisition of two large commercial assets, totalling 6.5 million square feet,

in an equal partnership with GIC, from Brookfield Asset Management's private real estate funds. Recently, the company raised Rs 2,305.4 crore through the QIP (Qualified Institutional Placement (QIP) and has proposed preferential allotment of Rs 400 crore to the sponsor group as well as the proposed issuance of up to Rs 750 crore of commercial paper.

The acquisitions of Downtown Powai, Mumbai and Candor TechSpace (G1) Gurugram will add significant scale and diversification to its portfolio, the company said, adding that the transaction is on track to close in the second quarter of this fiscal. Brookfield India Real Estate Trust has five office parks in Mumbai, Gurugram, Noida, and Kolkata. Its portfolio consists of 18.7 million square feet comprising 14.3 million square feet of completed area, 0.6 million square feet of under construction and 3.9 million square feet of future development potential.