Brookfield India REIT acquires Bengaluru’s Ecoworld for Rs 13,125 crore, marking a major step in portfolio expansion

Brookfield India Real Estate Trust (BIRET) has announced that it has entered into binding agreements to acquire a 100% interest in Ecoworld, a premium 7.7 million sq ft Grade A office campus located on Bengaluru’s Outer Ring Road, for Rs 13,125 crore. The transaction marks one of the largest office asset acquisitions in India’s commercial real estate sector.

Spread across 48 acres, Ecoworld is a flagship office development that houses several global capability centers (GCCs) and leading multinational corporations such as Honeywell, Morgan Stanley, State Street, Standard Chartered, Shell, KPMG, Deloitte, and Cadence. Originally developed by RMZ Corp, the property became part of the Brookfield Properties portfolio after RMZ’s asset sale to Brookfield Asset Management in 2020.

Brookfield India REIT plans to fund the transaction through a mix of Rs 3,500 crore in new debt, Rs 1,000 crore from recent preferential issues, and a fresh equity issuance of Rs 2,500 crore. The acquisition will expand BIRET’s operating portfolio by over 30% and increase its Gross Asset Value (GAV) by nearly 34%, positioning it as a strong pan-India office platform with a diversified tenant base.

According to Alok Aggarwal, CEO and Managing Director of Brookfield India Real Estate Trust, this acquisition strengthens the REIT’s presence in one of India’s strongest office markets. “Our embedded growth prospects remain robust with continued leasing momentum, positioning us to deliver consistent value to our unitholders,” he said.

The deal, undertaken at a 6.5% discount to GAV, is expected to lead to a 1.7% rise in Net Asset Value (NAV) and 3% accretion in distribution per unit (DPU). Post-acquisition, the share of GCC tenants will rise to 45%, while the top 10 tenant concentration will drop to 30%.

During the September quarter, BIRET achieved gross leasing of 592,000 sq ft, with overall committed occupancy surpassing 90%. Operating income grew 13% year-on-year to Rs 509.4 crore, supported by strong demand from global corporates. The REIT also declared a distribution of Rs 5.25 per unit, totaling Rs 336 crore, up 14% from last year.