Brookfield India REIT - Building A Strong Edifice: ICICI Securities
A construction elevator travels up the exterior of a commercial building construction site  in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Brookfield India REIT - Building A Strong Edifice: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Securities Brookfield REIT Initiating coverage.pdf

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