Chairman’s MessageFostering Collaboration and Cultures

Dear Unitholders,Bringing this report to you, laying out the scorecard for the first full year of the REIT since listing, gives me immense pleasure. It is an opportunity for us to showcase to you what has been achieved with your support through these incredible times. While planning for our IPO, we were very clear on our mandate to offer strong, stable cash flows, high current returns as well as a clear trend toward capital appreciation and growth in the enterprise. I am happy to report that we have met or exceeded those metrices and hopefully also the expectations of our investors.

In boardrooms across the world there is an unprecedented focus on human capital, resulting in direction of organizational energies towards preserving and fostering cultures. The changing landscape of work and the workforce has triggered a new level of appreciation for premium, amenitized and integrated workspaces, effectively activating a flight to quality offices for corporates worldwide. The office sector globally is witnessing renewed demand from discerning corporates seeking the best-in-class environment for attracting, retaining, and nurturing talent. We have witnessed an increasing awareness of office as an essential strategy for driving innovation, collaboration and building sustainable organizations.

Harnessing the Indian Opportunity

In line with the global trend, the commercial real estate (CRE) sector in India has emerged as an active contributor to the nation’s economic recovery, with an impressive 52% year-on-year growth in investment in real estate assets in the first two quarters of 2021.

A stellar performance by the BFSI and technology sector and growth in Global Capability Centers (GCC) has unfettered the pent-up demand for premium office parks, leading to new absorption and high renewal rates of office spaces. Globally, office spaces are seeing a continued flow of investments – a positive sign for institutional REITs like ours, which is strategically focused on investing in incomeproducing and cash-generating gateway properties.

The pandemic has accelerated the need for technology; and digitization of the global economy has propelled the expansion and growth of the Indian IT/ITES sector. With the Indian CRE sector continuing to house the backbone of this digital economy, our REIT, backed by its grade A assets, will continue to be a direct beneficiary.

Building Relevant and Sustainable Assets

With its pedigree and track record of generating attractive returns for unitholders, Brookfield India REIT is in the right place to build assets relevant and fit for large corporates, who seek operationally efficient and well-managed office parks. As occupiers are looking to accommodate an even larger workforce today, our global expertise, commitment to sustainable practices and placemaking capabilities ensure that we continue to remain their long-term partner in this journey.

Our credentials position us favourably to deliver to the tenants’ evolving needs with sustainable assets aligned with the global ESG focus. We remain committed to investing in more experiential assets, with a sharper focus on climate change resilience, backed by inclusion and diversity. Global expertise, access to capital, a deep knowledge of running and operating businesses, transparency, integrity, and a robust governance framework will continue to be our differentiators as we move to enhance the value proposition of our assets to make them even more tenants centric and growth oriented.

As we move towards capitalizing on the attractive prospects we see ahead, we shall continue to scale up our ESG ethos and enhance the sustainability proposition of our assets in line with the guiding principles of the sponsor group. In short, these assets are built and operated to last.

Looking Ahead

We believe that the CRE sector will continue to deftly negotiate the current inflationary and supply chain pressures to stay firm as the backbone of economic growth, globally and in India. The emerging trends suggest a strong revival in demand for high-quality institutionalized assets, designed to support the new ‘live, work, play’ phenomena that the sector is witnessing worldwide.

With the objective of offering sustainable growth, besides strong returns and stable performance, we had planned for both organic and inorganic strategies. With the acquisition of Candor N2, the highest quality office park in NCR region, we have accomplished our inorganic growth objectives for the past year. The sponsor group is very pleased to continue to support the REIT as we look to grow this business further and our re-leasing spreads on current renewals and new space take-up remains as solid as ever.

A stable and growing business, like ours, further stands out during uncertain times. High quality assets with predictable income streams, inherent growth linked to inflation and economic growth will perform even better in a slightly higher interest rate regime. Globally, REITs tend to actually perform very well during periods of growth despite inflationary trends.

On this positive note, I would like to thank our board members, tenants, partners, team and the entire stakeholder ecosystem for their trust and support in us. I am confident that we shall continue to surge forward on the path of greater value creation for our unitholders. We look forward to your continued cooperation and guidance in our onward journey.


Ankur Gupta Chairperson, Board of Directors

Manager of Brookfield India REIT