Brookfield India Real Estate Trust said on Monday that its net income rose 4.5% ₹245.3 crore for the first quarter ended June 30 of fiscal 2024.
Brookfield India Real Estate Trust said on Monday that its net income rose 4.5% ₹245.3 crore for the first quarter ended June 30 of fiscal 2024.
The company had reported a net profit of ₹234.6 crore in the same quarter a year ago.
The company had reported a net profit of ₹234.6 crore in the same quarter a year ago.
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Brookfield India also announced the distribution of ₹164.16 crore to its shareholders.
Operating lease rental income increased 3.9% year-on-year ₹211.3 crore from ₹203.4 crore in the same period a year ago, Brookfield India Real Estate Trust said in a statement.
In the June quarter of fiscal 2024, the Company completed 298,000 square feet of GLA, including 63,000 square feet of new leases and 235,000 square feet of lease renewals.
The company said it has a financial commitment to acquire two large commercial properties totaling 6.5 million square feet in an equal partnership with GIC from Brookfield Asset Management’s private real estate funds.
Brookfield India Real Estate Trust recently completed a capital increase ₹2,305.4 crore through Qualified Institutional Placement (QIP).
On August 4, the company announced that it would be making an increase ₹400 crore through issuance of units to sponsor group company Project Diamond Holdings on a preferential basis. It is also planned to increase up to ₹750 crore through commercial paper issuance to finance the acquisition of two commercial assets in Gurugram and Mumbai.
The company said the acquisitions of Downtown Powai, Mumbai and Candor TechSpace (G1) Gurugram will significantly increase and diversify its portfolio.
In May, Brookfield India REIT and Singapore’s GIC announced an equal partnership to acquire two commercial properties in India for US$1.4 billion.
The completion of the transaction is planned for the second quarter of this fiscal year, it said.
Brookfield India Real Estate Trust has five office parks located in Mumbai, Gurugram, Noida and Kolkata. Its portfolio consists of 18.7 million square feet, including 14.3 million square feet of completed space, 0.6 million square feet of space under construction and 3.9 million square feet of future development potential.
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