At Brookfield India REIT, our mission is to build and operate India’s most trusted and future -ready office platform, one that consistently delivers value for our unitholders while advancing the long-term story of Indian commercial real estate.
At Brookfield India REIT, our mission is to build and operate India’s most trusted and future-ready office platform, one that consistently delivers value for our unitholders while advancing the long-term story of Indian commercial real estate. The first half of FY2026 has been a period of continued strength. Robust leasing, resilient financial performance, and strategic capital actions have reinforced our leadership position.
Even as the global economy adjusts to evolving interest rate cycles and shifting capital flows, India continues to demonstrate structural resilience. With GDP growth expected to remain among the highest globally, and with Global Capability Centers (GCCs) expanding their footprint at scale, the demand for high-quality, institutionally managed office assets remains strong. Brookfield India REIT is uniquely placed to capture this demand, with scale across gateway markets, a diversified portfolio, and a proven ability to execute.
India’s office sector continues to benefit from durable growth drivers. GCCs accounted for the majority of leasing in the first half of FY2026, reaffirming India’s role as a global hub for enterprise operations. Continued momentum in technology, consulting, BFSI, and emerging industries such as life sciences has strengthened occupier confidence.
Supportive policy measures, including repo rate reductions by the Reserve Bank of India, are improving liquidity conditions and lowering the cost of capital. Combined with the government’s focus on SEZ reforms and digital infrastructure, the operating environment remains favorable for continued expansion of office demand.
We continued to build on FY2025’s strong leasing momentum. During H1 FY2026, we achieved gross leasing of 1.2M sf, including 1.1M sf of new leases and 0.2M sf of renewals, at an average re-leasing spread of 21%. Approximately 54% of leasing came from global capability centers (GCCs), demonstrating their growing prominence in the portfolio.
Occupancy levels improved further, rising to over 90% as of September 30, 2025. SEZ assets benefited from policy clarity and successful conversions in non-processing areas (NPAs), driving leasing across a broader tenant base. The portfolio of SEZ properties recorded occupancy of 87%, while non-SEZ properties remained resilient at 96%.
Our financial outcomes for the half year reflect this strong operating momentum:
During the half year, we strengthened our capital structure and created new capacity for growth.
Our balance sheet remains conservatively managed. Loan-to-value (LTV) stood at 21.6%, excluding shareholder instruments, with average maturity of 10 years and average interest rate of 7.5% (with 88% of our borrowings being repo-linked)
We announced the proposed acquisition of Ecoworld, a 48-acre, 7.7 million square feet Grade A office campus in Bengaluru, one of India’s strongest office markets. We signed binding agreements to acquire a 100% interest in the assets at Ecoworld for ₹ 131,250M. This transaction will expand the size of our REIT by over 30%, enhance portfolio diversification, and strengthen our position as a pan-India platform. The acquisition will be funded through a combination of new debt issuance, proceeds from the recent preferential issue, and a new equity issuance.
With a portfolio valuation of approximately ₹ 39,602 crores and a NAV of ₹ 349 per unit as of September 30, 2025, Brookfield India REIT is well-capitalized to pursue accretive growth.
ESG remained central to the strategy during H1 FY2026.
As we look ahead, the outlook remains robust. Leasing demand is expected to stay strong, underpinned by GCC growth and rising occupier confidence. Our vacant inventory of 2.4M sf provides immediate upside potential due to favorable demand environment. Robust leasing is expected to further drive the Net Operating Income (NOI) and the distributions. Combining that with embedded rental escalations, mark-to-market spreads, and a disciplined capital allocation framework, Brookfield India REIT is well-positioned to deliver sustainable growth in distributions and long-term value for unitholders.
We thank you for your continued trust and partnership as we build the next chapter of India’s commercial real estate story.
Sincerely,
CEO and Managing Director,
Board of Director Manager of
Brookfield India Real Estate Trust