Brookfield India Real Estate Trust share price target

The Brookfield India REIT (BIRET) saw Q4FY23 NOI remaining flat QoQ at Rs2.4bn as portfolio committed occupancy remained flat at 84%. The REIT manager has proposed to acquire two RoFO assets (Downtown, Powai and G1, Gurugram) for a GAV of Rs109.0bn in 50:50 partnership with GIC Singapore which would require the REIT manager to raise Rs34bn of equity at REIT level to fund the acquisition.

The Brookfield India REIT (BIRET) saw Q3FY23 NOI remaining flat QoQ at Rs2.4bn as portfolio committed occupancy also remained flattish at 83%. While delay in DESH (SEZ) Bill and global macro factors continue to impact large leasing deals, small and mid-sized deals continue to see traction.

We attended Brookfield India REIT’s (BIRET) analyst meet and site visits in NCR and Mumbai where the company reiterated its strategy and business outlook for its office assets including: 1) overall portfolio physical occupancy (footfalls) which was 21% in Apr’22 has improved to 50% in Oct’22 and continues to see a steady rise.

The Brookfield India REIT (BIRET) saw Q2FY23 NOI rising marginally QoQ by 3% to Rs2.4bn owing to inch up in portfolio committed occupancy by 100bps to 84%.

The Brookfield India REIT (BREIT) manager has proposed to acquire the N2 call option asset in Noida, NCR having 4.5msf of saleable area at an EV of Rs39.7bn in Jan’22. While the asset has a committed occupancy of 83% on the completed area of 3.6msf as of Sep’21, the REIT sponsor (Brookfield Group) will offer a rent support of up to Rs1.5bn over Jan’22 to Mar’24 to the REIT which assures a 100% economic occupancy until leasing momentum revives.

Brookfield India Real Estate Trust (REIT) - IPO Note Issue Snapshot: Issue Open: Feb 03 Feb 05, 2021 Price Band: Rs. 274 275 Bid size: 200 units and in multiples thereof Total Issue Size: Rs 3,800cr

The Brookfield REIT is India's only institutionally managed public commercial real estate vehicle. Sponsored by an affiliate of Brookfield Asset Management (BAM), one of the world's largest alternative asset managers with approximately US$575 billion in assets under management, as of September 30, 2020, their goal is to be the leading owner of high quality income

IPO NOTE