Aequitas Research - Brookfield India Real Estate Trust (BIREIT) ... Brookfields India Real Estate Trust IPO

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Aequitas Research

Sumeet Singh

EUR 87.86 For Business Accounts Only

Brookfields India Real Estate Trust IPO

Brookfield REIT (BREIT from hereon) aims to raise around US$500m in its India IPO.

Its initial portfolio consists of four large campus-format office parks located in Mumbai, Gurugram, Noida and Kolkata. The initial portfolio was 87% occupied and had a weighted average lease expiry (WALE) of 7.1 years, as of Sep 2020.

The portfolio has recorded steady net operating income (NOI) growth in the past of 6.46% and 7.64% in FY19 and FY20, respectively. Future growth as well appears promising with NOI for the initial portfolio expected to grow by 20% over FY20-23. However, BREIT hasn’t provided a whole lot of details about the past performance of its assets, which leaves some doubts about their past performance and future potential.

I’ve covered various aspects of the deal in my earlier notes, Brookfields India Real Estate Trust Pre-IPO - Provides a different geographic exposure but asset details leave questions unanswered and Brookfields India Real Estate Trust Pre-IPO - Gurugram Site Visit takeaways, won’t catch up with the micro-market.

In this note, I’ll talk about the recent updates and valuations.

31/01/2021 1 EN

Underlyings

Brookfield India Real Estate Trust

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Embassy Office Parks REIT

Embassy Office Parks REIT. Embassy Office Parks REIT is an India-based company that owns office portfolio. The Company focuses primarily on real estate projects in the commercial segment of the real estate industry. The Company's portfolio comprises seven office parks and four office buildings totaling 32.7 msf as of December 31, 2018, with amenities, including two completed and two under-construction hotels totaling 1,096 keys, food courts, employee transportation and childcare facilities. The Company's portfolio includes Embassy Manyata, Embassy One, Express Towers, Embassy 247, Embassy Techzone, Embassy Quadron, Embassy Qubix, Embassy Oxygen, Embassy Galaxy and Embassy Golflinks. Its amenities include Four Seasons at Embassy One, Hilton at Embassy Golflinks, Hilton at Embassy Manyata, Hilton Garden Inn at Embassy Manyata and Embassy Energy. The Company operates in two segments: Commercial offices and other. Other segments comprise Hotels and Generation of Renewable Energy.

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INE041025011 National Stock Exchange of India India

Mindspace Business Parks REIT

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INE0CCU25019 National Stock Exchange of India India

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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Brookfields India Real Estate Trust IPO

EMBASSY OFFICE loses on its star level and is downgraded to Slightly Positive

With a more favourable environment, MINDSPACE BUSINESS PARKS REITS UNITS improves to Positive

Monthly LMI Update Independent Investment Research

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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