Brookfield India Real Estate Trust (BIRET), India’s only 100% institutionally managed office REIT, has successfully completed the issuance of approximately about Rs. 2,000 crore Sustainability-Linked Bonds (SLBs). The issuance was anchored by International Finance Corporation (IFC), a member of the World Bank Group, and saw participation by a diversified pool of marquee investors. The issuance marks a significant milestone for India’s real estate capital markets, setting a new industry benchmark as the largest sustainability-linked bond by a REIT in the country.
The issuance further underscores BIRET’s continued commitment to embedding sustainability into its business strategy and accelerating the adoption of environmentally responsible and resilient practices across its portfolio
Key Issue Details
The bonds are issued for a tenure of 5 years and the proceeds from this issuance will be used for providing shareholder loans to select REIT entities and general corporate purposes. The issuance has been rated Crisil AAA/Stable by Crisil Ratings Ltd. and [ICRA] AAA Stable by ICRA Ltd. [Barclays] acted as the arranger for the bond issuance and Shardul Amarchand Mangaldas & Co. served as the legal counsel of the Issuer for this issuance.
ESG Targets
The bond links financial performance to ambitious KPIs on renewable energy adoption and water stewardship, driving material increases in portfolio-wide renewable energy use, and improvements in water recycling, efficiency, and responsible resource management.
Sustainability Linked Financing Framework
Aligned with globally recognised ICMA Sustainability-Linked Bond Principles and SEBI’s ESG debt framework, the issuance is structured under Brookfield India REIT’s Sustainability-Linked Finance Framework, which has received an independent Second Party Opinion from Bureau Veritas assessing the materiality and ambitiousness of the performance targets. BIRET and/or its subsidiaries can undertake issuances of sustainability linked instruments under this framework.
Commenting on the issuance, Alok Aggarwal, Chief Executive Officer and Managing Director, Brookfield India Real Estate Trust, said, “IFC’s role as the anchor investor, together with the strong support from marquee investors, reflects confidence in our sustainability strategy and long-term approach. Embedding measurable sustainability outcomes into our financing framework reinforces our ambition to lead the sector’s shift toward low-carbon, resource-efficient operations, achieve Net Zero by 2040 or sooner, and build a resilient, water-positive future across our portfolio.”
Commenting on the partnership, Imad N Fakhoury, Regional Division Director for South Asia, IFC, said, “We are pleased to anchor Brookfield India REIT’s inaugural sustainability-linked bond, supporting the growth of India’s Global Capability Center (GCC) ecosystem while deepening our partnership as an existing shareholder. The investment links capital to performance, incentivizing sustainability across BIRET’s operations, including energy transition and more efficient freshwater use, and reflects our shared commitment to resource-efficient growth. The investment is aligned with IFC’s programmatic approach to resilient urban development through the delivery of high-quality, sustainable office infrastructure critical to the growth of GCCs—key enablers of direct and indirect job creation, skills development, and global competitiveness. By financing office infrastructure that attracts both domestic and international employers, the partnership supports the Government of India’s priorities on resilient urban growth and employment generation, while demonstrating how innovative capital market instruments can be mobilized to advance the country’s development ambitions.”
Brookfield India REIT is recognised as a Global Sector Leader in both Standing Investments and Development and has achieved a 5-Star rating for the fourth consecutive year under the GRESB assessment, reflecting consistently strong sustainability performance across its operating and development portfolio. This leadership is underpinned by alignment with globally recognised frameworks and certifications, including IFC EDGE for resource efficiency and IGBC for green building excellence.
