CHAIRPERSON'S MESSAGE

DEAR UNITHOLDERS,

India’s economy is on a remarkable trajectory, projected to grow to $5T in the coming years. This forecast underscores the nation's enduring economic vitality and the accelerated pace of growth that lies ahead. The growth outlook remains robust across all dimensions, presenting a strong macroeconomic landscape coupled with a rapidly evolving microeconomic environment. At the core of this progress is quality real estate infrastructure, a crucial foundation enabling the expansion and success of various industries. India provides pivotal hubs for global businesses as they transform into a global delivery model and embrace digitalization and use of AI.

Against this backdrop, I am delighted to report on a year of remarkable progress for Brookfield India Real Estate Trust (BIRET) and present the fourth annual report.

STRATEGIC ADVANTAGE IN A DYNAMIC MARKET

Real estate fundamentals for Grade-A assets remain healthy with strong demand outpacing supply. BIRET’s portfolio of high-quality assets with best-in-class amenities in favorable locations is designed to outperform market cycles, reflecting our investment strategy and asset management excellence. Companies are seeking Grade-A office buildings that are sustainable and provide a “live, work, and play” environment. Offices have become critical for companies to innovate and collaborate rather than just exist as hubs for executing routine tasks. Our leadership in commercial real estate, office spaces, and business parks underscores our capability to cater to our tenants’ needs while driving long-term value for our investors.

GROWTH THROUGH STRATEGIC ACQUISITIONS AND PARTNERSHIPS

BIRET was launched in 2021 with the idea of creating attractive opportunities for investors and real estate-owning business houses. Our partnership with Bharti Enterprises highlights this opportunity. BIRET will acquire a 50% stake in four Grade-A assets, totaling 3.3M sf, elevating our gross asset value, and furthering our growth. The total equity consideration of approximately ₹ 12,280M will be discharged through a preferential issue to Bharti Enterprises making them our second-largest unitholder. This open-source architecture that we have created demonstrates that corporates and investors can participate with us – contributing their assets and taking units in the REIT to collectively grow the business. With this we also add New Delhi to our portfolio, making BIRET the most geographically diverse office REIT in India, while increasing our retail operating area to 1M sf.

In 2023, BIRET and GIC completed the acquisition of two large commercial assets totaling 6.5M sf from Brookfield Asset Management’s private real estate funds. This acquisition includes commercial properties in Downtown Powai - Commercial/IT Park, and Candor TechSpace G1, Gurugram, for a combined enterprise value of approximately ₹ 112,250M. This partnership marked the first-of-its-kind collaboration in India between a listed REIT and a global institutional investor.

The addition of market leading properties has led to the meaningful increase in size of the REIT leading to a 44% increase in operating area and 73% increase in consolidated GAV at the time of acquisition of Candor TechSpace G1 and Downtown Powai - Commercial/IT Park, in addition to a substantial tenant and geographical diversification.

Expanding and diversifying our REIT portfolio through strategic transactions is a key part of our long-term plan. We are also encouraged by the SEZ reforms introduced by the government, which will enhance our tenant base and leasing potential. The growth of our REIT is propelled by the inherent increase in the unit value, driven by our leases being indexed to annualized growth, offering significant potential for rental increases.

EXPANDING AND DIVERSIFYING OUR REIT PORTFOLIO THROUGH STRATEGIC TRANSACTIONS IS A KEY PART OF OUR LONG-TERM PLAN.

ESG COMMITMENT

We aim to achieve net zero by 2040 or sooner and prioritize governance and business practices conducted with the highest ethical standards. Achieving a 5-star GRESB rating for the second consecutive year is a testament to our unwavering dedication to sustainability. Across the board we have been recipients of over 55 awards, ratings and certifications in 2023 in sustainability, health, safety & well-being. Our collaboration with Brookfield Renewable signifies an important step towards decarbonization by procuring green power totaling 53 MWac capacity, catering to the energy requirements of 9 campuses (including the forthcoming Bharti Portfolio). These initiatives, coupled with our efforts in social responsibility and governance, underscore our holistic approach to ESG and our proactive commitment to building a sustainable future for all stakeholders.

WE AIM TO ACHIEVE NET ZERO BY 2040 OR SOONER AND PRIORITIZE GOVERNANCE AND BUSINESS PRACTICES CONDUCTED WITH THE HIGHEST ETHICAL STANDARDS.

BUILT TO LAST

BIRET’s portfolio is poised to drive India’s growth story, and we are proud to be an integral part of this journey. We are well positioned to capitalize on the current market dynamics and deliver exceptional returns to our unitholders. India’s conducive environment fosters growth, allowing us to leverage our past successes and continue to build on them. Supported by our stakeholders, we look ahead confidently, poised to continue delivering value.

Thank you for your unwavering trust and support.