BIRET & Prime Offices Fund Buy BKC Office Space for ₹1,700 Cr

Brookfield India Real Estate Trust (BIRET) and Prime Offices Fund have entered into binding agreements to acquire 264,000 sq ft of Grade A office space within Mumbai’s prime Bandra-Kurla Complex (BKC).

This acquisition, valued at an enterprise value of ₹1,700 crore, marks an equal partnership between BIRET and the commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW).

Key Acquisition Details

• Target: 264,000 sq ft Grade A front office space
• Location: G Block, Bandra-Kurla Complex, Mumbai
• Value: ₹1,700 crore enterprise value
• Partnership: Equal partnership between BIRET and Prime Offices Fund
• Seller: Brookfield’s private real estate fund

The acquired office space spans three contiguous floors and is currently leased to blue-chip tenants from the financial services, real estate, and technology sectors. Brookfield will continue to manage the property post-acquisition.

Shashank Jain, CEO and MD of Brookfield India Real Estate Trust, stated that the institutional-quality office space in BKC represents one of India’s most established commercial markets.

Jain added that the location offers a unique combination of a quality tenant base, strong occupier demand, excellent connectivity, and sustained rental growth.

Strategic Portfolio Diversification

This transaction will further diversify and strengthen Brookfield India REIT’s portfolio, deepening its presence in Mumbai, as noted by Jain.

It reflects a disciplined approach to adding premium, accretive assets and creating long-term value for unit holders.

Gaurav Puri, CIO of NCW, mentioned the acquisition provides a significant foothold in Mumbai’s BKC, aligning with their investment strategy due to its sustained growth and resilient occupier demand.

Recent Financials and Market Presence

NCW recently announced the final close of its Prime Offices Fund at ₹4,000 crore. JLL India served as the transaction advisor for this deal.

BIRET reported a 51.74% year-on-year increase in net operating income to ₹756.6 crore during the April-June quarter, driven by higher lease rentals.

The trust completed gross leasing of 1.1 million sq ft in the same period and declared a distribution of ₹5.6 per unit.

Brookfield is among five listed office REITs in India, alongside Mindspace Business Parks REIT, Embassy Office Parks REIT, Knowledge Realty Trust, and Bagmane Prime Office REIT.

Last November, Brookfield REIT agreed to acquire Ecoworld, a 7.7 million sq ft Grade A office campus in Bengaluru, for ₹13,125 crore, marking India’s largest REIT transaction.

BIRET further raised ₹2,600 crore through a qualified institutional placement in April and now manages 37.2 million sq ft of leasable area across 11 Grade A assets.