About the Company:
Brookfield REIT is India’s only institutionally managed public commercial real estate vehicle.Sponsored by an affiliate of Brookfield Asset Management (“BAM”), one of the world’s largest alternative asset managers with approximately US$575 billion in assets under management (AUM).
Company rely on Candor Kolkata (which owns Candor Techspace G2), which is located in the Gurugram North micromarket, for a significant portion of revenues.Rentals from Candor Kolkata (for Candor Techspace G2) accounted for 42.7%, of combined revenue from operations for the financial years 2020.
As of September 30, 2020, the Initial Portfolio had a Committed Occupancy of 87%, Same Store Committed Occupancy of 92% and a WALE WALE (Weighted Average Lease Expiry) of 7.1 years.
Portfolio Overview:
Company’s Initial Portfolio comprises 14.0 msf, with rights to acquire a further 8.3 msf and rights of first offer on an additional 6.7 msf, both currently owned by members of the Brookfield Group.
Company owns four large campus-format office parks,located in some of India’s key gateway markets – Mumbai, Gurugram, Noida and Kolkata. Company’s Initial Portfolio totals 14.0 msf, comprising 10.3 msf of Completed Area, 0.1 msf of Under Construction Area and 3.7 msf of Future Development Potential.
Company’s properties are leased to multi-national corporations such as Barclays, Bank of America Continuum, RBS, Accenture, Tata Consultancy Services and Cognizant.
Committed Occupancy and WALE (Weighted Average Lease Expiry) of the Portfolio assets:
Property-wise revenue rental for the Initial Portfolio assets:
Recent Developments:
• Company is witnessing a recovery in demand for office space across the Initial Portfolio. In addition to having re-leased 0.5 msf of leases that expired during the six months ended September 30, 2020, we have received interest and are engaged in discussions with respect to 1.6 msf.
• During the months of October, November and December 2020, company collected 99%, 98% and 96% of Gross Contracted Rentals, respectively.
Rental Rates:
Rental rates for office space and space leased for bank branches, ATMs, retail stores and telecom towers in the office parks are generally fixed with periodic rental escalations for the tenure of the leases, while those for food and beverage outlets are generally charged on a revenue sharing basis.
Proceeds of the Issue:
The gross proceeds of the Issue will be Rs.38,00 crores. The Net Proceeds from the Issue will be utilised towards the following objects:
• Partial or full pre-payment or scheduled repayment of the existing indebtedness of Asset SPVs.
• General purposes.
Financials of the Company:
| (in Crores) | FY 18 | FY 19 | FY 20 | 30th Sept 20 |
|---|---|---|---|---|
| Revenue | 866.2 | 929.8 | 981.3 | 467.4 |
| Net Profit | 161.0 | (-15.7) | 15.1 | (-73.9) |
Valuation of Peer Group Companies:
| Company Name |
|---|
| Mindspace Business Parks REIT Ltd |
| Embassy Office Parks REIT |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 3rd February 2021 |
| Issue Closes on:. | 5th February 2021 |
| Issue Price | Rs.274 – 275 |
| Face Value | Rs.10 |
| Minimum Lot | 200 Units |
| Minimum Investment | Rs.55,000 |
| Listing at | NSE & BSE |
Also Read : List of Upcoming IPO’s in India.
Important Dates:
| Finalization of Basis of Allotment | on or Before 11th February 2021 |
| Initiation of Refunds | on or Before 12th February 2021 |
| Credit of Equity Shares: | on or Before 12th February 2021 |
| Listing Date: | on or Before 17th February 2021 |
| Company Contact Info: |
|---|
| Brookfield REIT Ltd Candor TechSpace IT/ ITES SEZ, Building 5A/10, Sector-48, Tikri (Near Subash Chowk), Gurugram 122 018, Haryana, India. Tel: +91 22 6600 0700; Fax: +91 22 6600 0777; E-mail: reit.compliance@brookfield.com; Website: brookfieldindiareit.in |
| IPO Registrar Info: |
|---|
| Link Intime India Private Limited C-101, 1st Floor, 247 Park Lal Bhadur Shastri Marg Vikhroli (West), Mumbai 400 083 Maharashtra, India Tel: +91 22 4918 6200 Fax: +91 22 4918 6195 E-mail: brookfield.reit@linkintime.co.in Website: www.linkintime.co.in |
