Broker s call: Brookfield REIT (Buy)
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Updated on
CMP: ₹248.01
The Brookfield India REIT (BREIT) delivered a resilient FY21 performance with over 99 per cent of rental collections and flattish FY21 net operating income (NOI) of ₹650 crore. We reiterate our Buy rating on BREIT with an unchanged March 2022 DCF based target price of ₹296/unit. We expect the REIT to deliver a NOI CAGR of 9.3 per cent over FY21-23. At CMP of Rs 249, we expect BREIT to deliver NDCF distribution yield of 8.7 per cent in FY22 and 9.1 per cent in FY23. We expect over 30 per cent of the distribution to be in the form of tax-free dividend and capital return with balance returns from interest post the conversion of ₹1,001 crore of CCDs in Candor Kolkata (G2+K1 SPV) to equity shares effective April 1, 2021.
Brookfield REIT makes flat debut on stock exchanges
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Brookfield REIT today made a flat debut on stock exchanges. The initial public offer of Brookfield India Real Estate Investment Trust (REIT), which opened on February 3, got subscribed 8 times. It received bids for 60,59,44,400 units against 7,62,78,200 units on offer. The units were trading flat at ₹275.30 at BSE. The initial public offer of Brookfield India REIT had a price band of ₹274-275 apiece.
REITs are aimed at attracting investment in the real estate sector by monetising rent-yielding assets. It helps unlock the massive value of real estate assets and enable retail participation.
Updated Feb 16, 2021 | 13:24 IST
Brookfield REIT debuts on the exchanges, sees soft opening. Brookfield is India s third publicly listed REIT and only institutionally managed public commercial real estate vehicle. (Representational Image) | Photo Credit: Getty Images
Key Highlights
REIT instruments gain popularity in India
Brookfield India Real Estate Trust (“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 has campus-format office parks strategically located in Mumbai, Noida, Gurugram, and Kolkata.
Its portfolio comprises 14msf, which include 10.3msf of completed area, 0.1msf of under construction, and 3.7msf future development projects.
Brookfield REIT Lists With Marginal Premium Over Issue Price At Rs 279 moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
Read more about Brookfield REIT makes a tepid debut, units end 2% below issue price on Business Standard. Earlier this month, Brookfield Reit s Rs 3,800-crore IPO had garnered nearly eight times subscription