Real Estate
Brookfield India REIT Sees 40% Rise in Net Operating Income to Rs 485.8 Crore in Q2 FY25
By GeoSquare News Desk · Published 2024-11-08
The board of directors of Brookprop Management Services Pvt Ltd, the manager of Brookfield India Real Estate Trust (BIREIT), has approved the issuance of units of Brookfield India REIT through an institutional placement not exceeding Rs 3,500 crore in one or more placements. This move aims to reduce debt and fund future growth opportunities.
NEW DELHI Brookfield India Real Estate Trust (BIREIT) reported a substantial 40% increase in net operating income to Rs 485.8 crore for the July-September quarter. This is a significant jump from Rs 346.7 crore in the same period last year. The company also announced a distribution of Rs 220.8 crore for the second quarter of the current fiscal year, mainly as a dividend to unitholders.
The board of directors of Brookprop Management Services Pvt Ltd, the manager of BIREIT, has approved the issuance of units of BIREIT through an institutional placement not exceeding Rs 3,500 crore in one or more placements. The proceeds from these placements will be used for various purposes, including the partial or full prepayment or repayment of outstanding borrowings, equity contribution, general purposes, funding operating expenses, capital expenditure, investments in creditworthy instruments, and future organic or inorganic growth opportunities.
On the operational front, BIREIT reported achieving 1 million (10 lakh) sq ft of gross leasing of office space, driven by strong market demand. BIREIT owns 10 Grade A assets located in key cities such as Delhi, Mumbai, Gurugram, Noida, and Kolkata. The total leasable area of BIREIT's portfolio stands at 28.9 million sq ft, with 24.3 million sq ft being operational, 0.6 million sq ft under construction, and 4 million sq ft with future development potential.
Brookfield India Real Estate Trust is a leading real estate investment trust (REIT) in India, managed by Brookprop Management Services Pvt Ltd. The trust aims to provide investors with exposure to high-quality commercial properties, offering stable and predictable cash flows. The recent financial performance and strategic moves highlight BIREIT's commitment to sustainable growth and value creation for its investors.