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ICICI Securities Report
The Brookfield India Real Estate Investment Trust manager has proposed to acquire the Candor TechSpace N2 call option asset in Noida, national capital region having 4.5 million square feet of saleable area at an enterprise value of Rs 39.7 billion in January 2022.
While the asset has a committed occupancy of 83% on the completed area of 3.6msf as of September 2021, the REIT sponsor (Brookfield Group) will offer a rent support of up to Rs 1.5 billion over Jan-22 to March 2024 to the REIT which assures a 100% economic occupancy until leasing momentum revives.
As per our estimates, at the proposed acquisition price of Rs 39.7 billion, the Brookfield India's net distributable cash flow yield will remain largely flat as compared to the existing yield profile of ~8% over FY23-24E.
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