Brookfield India REIT - Building A Strong Edifice: ICICI Securities

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ICICI Securities Report

Brookfield India Real Estate Trust is sponsored by the Brookfield Group and has 91% committed same-store occupancy and in-place rent of just Rs 65/per square feet/month.

We like the company given 9% estimated net operating income compound annual growth rate over FY21-23E and with just 0.1 million square feet of under-construction assets, the REIT offers a defensive yield play along with organic growth in its operational assets.

The REIT’s low initial leverage of 0.3 times net debt/equity leaves headroom for injection of new assets in the REIT portfolio.

Key risks to our thesis are the large-scale adoption of work-from-home by occupiers over the long term and rising interest rates globally.

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