Overview

The Brookfield India Real Estate Trust is India’s only institutionally managed public commercial real estate vehicle. Sponsored by an affiliate of Brookfield Asset Management, one of the world’s largest alternative asset managers with approximately US$550 billion in assets under management, as of June 30, 2020, our goal is to be the leading owner of high quality income producing commercial real estate assets in key gateway Indian markets, which have significant barriers to entry.

Over the last two decades, India has emerged as a leading hub for technology and corporate services due to a highly skilled and young workforce with a distinct competitive cost advantage. Approximately 90 million people are expected to be added to the workforce by 2030 and as the global spending on software and IT services is forecasted to grow at a robust rate between FY 2020 and FY 2025 and the technology industry in India is expected to grow at a CAGR of 13% to US$350 billion by FY 2025 from an estimated US$191 billion in FY 2020 due to the large STEM talent pool, competitive cost advantage and favourable demographics in the country. This structural driver will further increase office absorption, creating compelling opportunities across the commercial real estate market in India as per the report “India Commercial Real Estate Overview” dated September 22, 2020, prepared by Cushman & Wakefield (India) Private Limited.

Our strategy is to address this demand by owning and operating large “fully-integrated”, “campus style” office parks in established locations, and providing a complete ecosystem to our tenants and their employees.

The primary objective of our strategy is to provide attractive risk-adjusted total returns to our unitholders derived from:

  • Stable yield supported by our Initial Portfolio’s long-term contracted cash flows.
  • Property level income growth that is embedded in our initial portfolio through contractual rent escalations, mark-to-market headroom and in-situ development potential.
  • Acquisitions including those of identified external growth opportunities through Call Option Properties and properties where we have the right of first offer.
  • Asset value appreciation, through continuous investment and upgrading of the properties.

The strong performance of our high quality initial portfolio, will be driven by proactive portfolio management, a prudent capital structure and a corporate governance framework aligned with best market practices. In addition access to Brookfield Asset Management’s global platform provides a breadth of resources, relationships and expertise that compliments an on-ground management team with extensive experience, domain knowledge and a strong track record of value creation.

Brookfield India Real Estate Trust Structure

Manager – Brookprop Management Services Private Limited

Our Manager – an affiliate of Brookfield Asset Management, has a management team with extensive industry experience that helps us manage our office parks in India. It meets the eligibility criteria specified under REIT regulations (net worth not less than ₹100 million), with a net worth of ₹144.37 million, as of July 27, 2020.

As a real estate service company, it provides management services, including facility management and project delivery to the real estate assets held by the Brookfield Group across India. As such, our Manager’s team has deep domain knowledge and experience in managing these properties and has demonstrated a robust track record in delivering value. Since April 1, 2015, our Manager has leased 4.3 M sf and delivered 3.1 M sf of completed area within the Initial Portfolio.

Brookprop Management Services Private Limited is highly regarded in the real estate community and has extensive relationships with a broad range of tenants, brokers and lenders. Led by Alok Aggarwal (the Managing Director and CEO of our Manager), our Manager’s team consists of 42 dedicated professionals, as of June 30, 2020.

The team has in-depth experience in real estate investments, asset management, research and property management, with the key managerial personnel and core team having an average of more than 25 years of experience in the real estate industry in India. As such, our Manager has operating and investing experience through multiple real estate cycles, provides valuable insight and perspective into the portfolio management of our current office parks as well as the underwriting of new investments.

Our governance structure reflects a rigorous approach to corporate governance, taking into account the interests of our Unitholders while leveraging our relationship with Brookfield Asset Management, which has a strong track record of high standards of governance. Brookfield Asset Management is listed on the NYSE and TSX and we benefit significantly from their strong corporate governance standards.

The governance structure is based on the following pillars that enable it to align and commensurately represent the interests of all our stakeholders:

  • Significant level of Sponsor Group ownership in the Brookfield India Real Estate Trust (on a post-offer basis) creates an alignment with the interests of unitholders
  • Entirely performance-linked fee structure for our manager
  • Balanced board composition of our Manager between independent and Brookfield directors
  • Robust related party transaction policies to facilitate arms-length evaluation of acquisition and divestment decisions, in line with global best practices and “majority of minority” approvals required
  • Commitment to environmental, social and governance practices including installation of robust health infrastructure and activities that have a positive impact on the communities in which we operate
  • Anti-bribery and anti-corruption policies in line with international standards
  • Anuj Ranjan

    Anuj Ranjan is currently a Non-Executive Director of the Manager. Anuj is a part of the senior leadership of Brookfield Asset Management and is the Managing Partner and Chief Executive Officer of South Asia and Middle East for Brookfield Asset Management and is responsible for overseeing the investment initiatives and operations of Brookfield in these regions. He holds a Master’s degree in Business Administration from University of Western Ontario. He joined Brookfield in 2006 and has held various positions in the organisation over the years.

  • Ankur Gupta

    Ankur Gupta is currently a Non-Executive Director of the Manager. Ankur is the Managing Partner, Country Head – India (Real Estate) at Brookfield Asset Management and is responsible for overseeing the investments and operations of Brookfield Properties in India. He holds a Bachelors’ degree in Technology (Chemical Engineering) from the Indian Institute of Technology, Bombay and has a Master’s degree in Business Administration from Columbia University, New York. Ankur joined Brookfield in 2012 and has worked on Brookfield Properties’ transactions spanning across India and North America.

  • Shailesh Haribhakti

    Shailesh Vishnubhai Haribhakti is an independent Director of the Manager. He is a fellow of the Institute of Chartered Accountants of India, a certified Internal Auditor with the Institute of Internal Auditors Inc., a certified Financial Planner registered with the Financial Planning and Standards Board of India, an associate of the Institute of Cost and Work Accountants of India, and an associate member with the Association of Certified Fraud Examiners. He is an experienced professional in the field of finance and accounting. He is the Founder and Chairman of New Haribhakti Business Services LLP, since 2013. He is also currently the Chairman of Blue Star Limited and on the Board of Directors of L&T Finance Holdings Limited, L&T Mutual Fund Trustee Limited and Ambuja Cements Limited.

  • Akila Krishnakumar

    Akila Krishnakumar is an independent Director of the Manager. She holds a Master’s degree in Management Studies from Birla Institute of Technology & Science at Pilani, Rajasthan. She was previously the President – Global Technology and Country Head – India for SunGard Solutions Private Limited. She is an experienced professional with a long industry standing, including over 18 years of experience in the field of technology. She is currently on the board of Heidelberg Cement India Limited, Matrimony.Com Limited, IndusInd Bank Limited and ABB Power Products and Systems India Limited.

  • Alok Aggarwal

    Alok Aggarwal is the Managing Director and Chief Executive Officer of the Manager. He holds a Bachelors’ degree in Technology in Civil Engineering from Indian Institute of Technology, Delhi and has obtained a Post Graduate degree in Management from Indian School of Business, Hyderabad. He heads all aspects of the business of the Manager including design, development, strategic initiatives, finance, corporate strategy, leasing and tenant relationships. He has over 29 years of experience in managing projects, business development and overseeing operations and investments of entities in the real estate sector. Prior to joining the Manager, he has worked at Milestone Capital Advisors Limited, Sun-Ares India Real Estate Advisors Private Limited, Hindustan Prefab Limited, DLF Universal Limited, Delta Mechcons (India) Limited, TCG Urban Infrastructure Holdings Limited and Mahindra Gesco Developers Limited.

  • Sanjeev Kumar Sharma

    Sanjeev Kumar Sharma is the Chief Financial Officer of the Manager. He holds a Bachelors’ degree in Commerce from University of Delhi and is a Chartered Accountant with the Institute of Chartered Accountants. He has previously worked at Apollo Tyres Limited, Galaxy Mercantile Private Limited (currently owned by Embassy Office Parks REIT), JK Paper Limited, ICICI Bank Limited, Quippo Construction Equipment Limited and BPTP Limited. He has over 26 years of experience in finance, accounts, and taxation. At the Manager, he heads various aspects of finance including fund raising, mergers and acquisitions, business strategy, investor relations, reporting under accounting standards, controllership, budgeting and taxation.

  • Shantanu Chakraborty

    Shantanu Chakraborty is the Senior Vice President and Regional Head – North (Gurugram and Noida) at the Manager. He holds a Bachelors’ degree in Architecture from the School of Planning and Architecture, New Delhi and a Master’s degree in Business Administration from Narsee Monjee Institute of Management Studies, Mumbai. Prior to joining the Manager, he has worked at AIG Global Real Estate India Advisors Private Limited, Jones Lang LaSalle Property Consultants (India) Private Limited and Mathur & Kapre Associates Private Limited (an architectural firm). He has over 15 years of experience in real estate investing, architecture and real estate consulting.

  • Vithal Suryavanshi

    Vithal Suryavanshi is the Senior Vice President and Regional Head – West (Mumbai and Pune) at the Manager. He holds a Bachelors’ degree in Commerce from Commercial University Limited, Delhi and has a Master’s degree in Business Administration from Narsee Monjee Institute of Management Studies, Mumbai. Prior to joining the Manager, he has worked at K. Raheja Corp Private Limited. He has over 28 years of experience in the commercial sales and leasing in the real estate sector.

  • Subrata Ghosh

    Subrata Ghosh is the Senior Vice President and Regional Head – East (Kolkata) at the Manager. He holds a degree in Civil Engineering from Institution of Engineers. He has previously worked at Reliance Engineering Associates (P) Limited, Shapoorji Pallonji & Company Limited and Shrishti Hotels Private Limited. He has over 23 years of experience in project management.

  • Sanjay Yadav

    Sanjay Yadav is the Senior Vice President – Legal at the Manager. He holds a Bachelors’ degree in arts and a Bachelors’ degree in Law from University of Delhi. Prior to joining the Manager, he has worked at SNC-Lavalin Infrastructure Private Limited, A2Z Online Services Private Limited and TCG Urban Infrastructure Holdings Limited (a Chatterjee group company). He has over 23 years of experience in the fields of law, corporate affairs and administration.

  • Baljit Singh

    Baljit Singh is the Senior Vice President – Operations at the Manager. He holds a Master’s degree in Business Administration from Janardan Rai Nagar Rajasthan Vidyapeeth University. Further, he is a certified Marine Engineer Officer Class II (Motor), a licensed Merchant Marine Officer with the Republic of Liberia, a licensed Marchant Marine Officer with the Republic of Panama, a member of the Indian Institution of Plant Engineers, member of National Safety Council and a professional member of the Royal Institute of Chartered Surveyors. He also has a certificate in Security Management and Business Intelligence from the Orion School of Security & Intelligence Management. He has previously worked at DLF Estate Developers Limited and Pathways World School. He has over 32 years of experience in real estate.

  • Ruhi Goswami

    Ruhi Goswami is the Vice President and General Counsel at the Manager and is also the Compliance Officer. She holds a Bachelor’s degree in Commerce (hons.) from Shri Ram College of Commerce, University of Delhi, a Bachelor’s degree in Law from Faculty of Law, University of Delhi and a Bachelor’s in Civil Law from University of Oxford. Prior to joining the Manager, she has worked at Shardul Amarchand Mangaldas & Co and at Brookfield Advisors India Private Limited. She has over ten years of experience in the field of law.

Name of the committee Present members
Audit Committee
  • Shailesh Vishnubhai Haribhakti (Chairperson)
  • Akila Krishnakumar
  • Ankur Gupta
Stakeholders’ Relationship Committee
  • Ankur Gupta (Chairperson)
  • Anuj Ranjan
  • Akila Krishnakumar
Nomination and
Remuneration
Committee
  • Akila Krishnakumar(Chairperson)
  • Shailesh Vishnubhai
    Haribhakti
  • Ankur Gupta
REIT Offer Committee
  • Anuj Ranjan (Chairperson)
  • Ankur Gupta

Trustee - Axis Trustee Services Limited

Axis Trustee Services Limited is the Trustee of the Brookfield India Real Estate Trust. The Trustee is a registered intermediary with SEBI under the SEBI (Debenture Trustees) Regulations, 1993, as amended, as a debenture trustee having registration number IND000000494 which is valid until suspended or cancelled by SEBI. The Trustee is a wholly owned subsidiary of Axis Bank Limited.

The Trustee is involved in varied facets of debenture and bond trusteeships, including, advisory functions and management functions. The Trustee also acts as a security trustee and is involved in providing services with respect to security creation, compliance and holding security on behalf of lenders. As the Trustee, it ensures compliance with all statutory requirements and believes in ethical standards and best practices in corporate governance. It aims to provide best services in the industry with its well trained and professionally qualified staff with a sound legal acumen.

The Trustee is also involved in providing services as

Advantage of Brookfield India Real Estate Trust

Tenant Diversification

The REIT Portfolio houses a diverse base of marquee tenants with 75% of Gross Contracted Rental..

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Historical Development and Leasing Activity

Over the years, the completed area of the REIT Portfolio has increased by 4.1 M sf through on campus developments.

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Rent and occupancy Analysis

Leasing Rents at the REIT Portfolio have grown at a faster rate than comparable non-strata properties in its micro-markets.

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Awards & Certifications