Brookfield India Real Estate Trust, a real estate investment trust (Reit), and Prime Offices Fund have signed binding agreements for the acquisition of office space in Mumbai for an enterprise value of Rs 1,700 crore.
Prime Offices Fund is a commercial real estate-focused fund managed by Nuvama and Cushman & Wakefield Management Private Limited (NCW) in a 50:50 partnership.
Brookfield and Prime, in an equal partnership, will acquire the 264,000-square-foot Grade-A office space located in G Block of Bandra-Kurla Complex (BKC) in Mumbai.
The front-office space comprises three contiguous office floors, which will be acquired from a Brookfield private real estate fund in a related-party transaction. Brookfield private real estate fund is an institutional investment vehicle managed by Brookfield Asset Management (BAM). BAM acts as the external manager and adviser to Brookfield India Reit.
A joint statement by Brookfield and Prime noted that the office space is leased to blue-chip tenants across financial services, real estate, and technology. Brookfield will continue to oversee and manage the property.
Shashank Jain, chief executive officer and managing director, Brookfield India Real Estate Trust, said, “The institutional-quality office space in BKC is positioned in one of India’s most established commercial markets and offers a differentiated combination of a quality tenant base, strong occupier demand, connectivity and sustained rental growth, which is difficult to replicate. Its addition will further diversify and strengthen Brookfield India Reit’s portfolio while deepening our presence in Mumbai. This reflects our disciplined approach to adding premium, accretive assets and creating long-term value for our unitholders.”
Brookfield, on Monday, also reported its quarterly financial and operational performance. The Reit’s net operating income (NOI) for the first quarter of the fiscal year 2027 (Q1FY27) stood at Rs 756.6 crore, up 51.74 per cent year-on-year (YoY), mainly due to higher operating lease rentals.
The Reit reported gross leasing of 1.1 million square feet (msf) in Q1FY27, up 53.6 per cent YoY. It declared a distribution of Rs 5.6 per unit compared to a distribution of Rs 5.25 per unit.
Gaurav Puri, chief investment officer, NCW, said, “This acquisition marks an important milestone in our portfolio strategy, providing us with a foothold in Mumbai through BKC – India’s leading front office market. BKC’s sustained growth and resilient occupier demand make it a strategically important micro-market and a natural fit for our investment strategy. The acquisition also meaningfully diversifies our tenant portfolio with the addition of prominent front office tenants.”
Last month, NCW announced it had achieved the final close of Prime Offices Fund at Rs 4,000 crore. Once fully deployed, the fund expects to build a portfolio with a gross asset value (GAV) of over Rs 10,000 crore over the next two to three years.
Additionally, BKC remains one of India’s most premium and expensive office micro-markets, amid strong demand, limited land availability, and a pipeline of Grade-A office stock.
