Brookfield India REIT NOI Up 40%, Plans Rs 3500 Cr Fundraise

New Delhi, Nov 7 (PTI) Brookfield India Real Estate Trust on Thursday reported a 40 per cent increase in net operating income to Rs 485.8 crore for the September quarter and announced plans to raise up to Rs 3,500 crore through issue of units to institutional investors to reduce debt as well as to fund future growth.

In a regulatory filing, Brookfield India Real Estate Trust said its adjusted net operating income rose to Rs 485.8 crore during the July-September period from Rs 346.7 crore in the year-ago period.

The company also announced distribution of Rs 220.8 crore for the second quarter of this fiscal to unitholders, mainly as dividend.

The board of directors of Brookprop Management Services Pvt Ltd, the manager of Brookfield India Real Estate Trust, approved the issuance of units of Brookfield India REIT through an institutional placement of units not exceeding Rs 3,500 crore in one or more placement.

The proceeds will be used for the partial or full prepayment or repayment of the outstanding borrowings, equity contribution, general purposes, including funding operating expenses, funding capital expenditure, making investments in creditworthy instruments, and/or future inorganic or organic growth opportunities, it added.

On the operational front, the company said it achieved 1 million (10 lakh) sq ft of gross leasing of office space on strong demand.

Brookfield India REIT owns 10 Grade A assets in Delhi, Mumbai, Gurugram, Noida, and Kolkata.

Its portfolio consists of 28.9 million sq ft of total leasable area, comprising 24.3 million sq ft of operating area, 0.6 million sq ft of under construction area and 4 million sq ft of future development potential.