Brookfield India Real Estate Trust achieved gross leasing of 1.6 MSF in FY2022 at an 11% re-leasing spread. Additionally, signed expansion options of 0.3 MSF during the year. Robust embedded growth with 9% average escalation on 2.8 MSF of leased area during the year ? Rental collections remained strong at 99% for the year. Distributions for the year are INR 22.10 per unit, exceeding our guidance of INR 22.00 per unit.
It completed a large-scale and complementary acquisition of Candor Techspace N2 for Rs. 40 billion, enhancing our operating area by 35% and improving our Effective Economic Occupancy by 4% . Delivered an attractive total return of 24% since IPO, including a stable yield of 8.0% at IPO price
“We are pleased with our performance in the first year since listing; having delivered on high yield and attractive total returns to our unit holders. High-quality assets governed by a strong ESG framework and enhanced by innovation and technology will continue to be the workplaces of choice. This sentiment is reflective in our performance for the past year where we achieved 1.6 MSF of leasing across assets including 1.2 MSF of new leasing. The return to office trends coupled with the expansion plans of the global IT/ITES industry in India point towards strong demand for commercial real estate in India.” said Alok Aggarwal, Chief Executive Officer, Brookprop Management Services Private Limited.
The inorganic growth pipeline of 6.4 MSF of fully built properties to further increase scale and operating income Candor Techspace G1 is a 3.7 MSF fully operational campus and has witnessed strong leasing traction with 333,000 sf of new leasing in FY22. The asset is fast approaching stabilization with a Same Store Committed Occupancy of 89% and a robust leasing pipeline of 502,000 sf. The Sponsor Group has initiated a carve out of the rent generating assets in Powai Business District, comprising 2.7 MSF of leasable area. The asset achieved 269,000 sf of new leasing in FY22 and has a Committed Occupancy of 87%
