India’s Largest REIT Deal: Brookfield Buys 7.7 Million Sq Ft Bengaluru Office Campus

By Saumya | December 2025

Brookfield​‍​‌‍​‍‌​‍​‌‍​‍‌ India Real Estate Trust (BIRET) is making a splash in the market with a record-breaking announcement of the largest commercial real estate transaction in the country. BIRET will be purchasing the full Ecoworld office campus in Bengaluru, which spans 7.7 million sq ft, for a total consideration of ₹13,125 crore. This is a significant moment not only for the REIT market in India but also as a clear indication of Brookfield's commitment to grow in the country over the long ​‍​‌‍​‍‌​‍​‌‍​‍‌term.

A Record-Breaking Acquisition

Ecoworld,​‍​‌‍​‍‌​‍​‌‍​‍‌ a Grade-A office campus spread over 48 acres along the major Outer Ring Road corridor in Bengaluru, is a safe haven for global occupiers. The campus houses or hosts a long list of top-notch clients, including Honeywell, Morgan Stanley, KPMG, Deloitte, and Standard Chartered. The property is owned by Arliga Ecoworld Business Parks, of which 100% equity Brookfield India REIT will be the new owner.

Experts from the industry have pointed this as the biggest single-asset office acquisition by a REIT in India. 

Why Brookfield Is Making This Move

• Sharp Portfolio Expansion: The acquisition will expand Brookfield REIT’s operating area by around 31%. Its Gross Asset Value (GAV) is expected to rise by about 34%, giving it a much larger platform for future growth in India’s competitive office market.

• Deeper Presence in a Crucial Market: Bengaluru remains the strongest office market in the country, driven primarily by technology firms and global capability centers (GCCs). With Ecoworld, Brookfield strengthens its presence in one of the busiest, most active leasing micro-markets. The REIT has also stated that the deal supports its ambition to operate as a truly pan-India platform, spreading its portfolio across multiple high-growth office cities.

• High-Quality Tenants, Stable Cash Flows: Ecoworld’s tenant base is dominated by global companies, including several large GCCs. This reduces volatility and enhances long-term income visibility.

Following the acquisition:

• • The share of GCCs in Brookfield’s tenant mix is expected to rise from ~37% to 45%.
    
    
  • The concentration of its top 10 tenants is expected to decline from ~35% to 30%, improving diversification and lowering risk.
    
    
• Expected Benefits for Unit-Holders: Brookfield says it is acquiring the asset at a 6.5% discount to its GAV.

As a result:

• • NAV is projected to rise by 1.7%.
    
    
  • Distribution Per Unit (DPU) is expected to increase by ~3%.
    
    
  • The dividend portion of its payouts could jump from ~16% to ~30%, making the REIT more attractive for income-focused investors.
    

How Brookfield Plans to Fund the Deal

The REIT will use a mix of debt, cash reserves, and fresh equity:

• ₹3,500 crore through new debt
  
  
• ₹1,000 crore from cash raised via a recent preferential issue
  
  
• ₹2,500 crore via new equity issuance

This approach allows Brookfield to fund a large acquisition while keeping borrowing costs manageable.

A Broader Signal for India’s REIT Market

Industry analysts note that this deal reflects the maturing of India’s REIT ecosystem. Large institutional investors are increasingly confident in Indian commercial real estate, and REITs are now participating in billion-dollar transactions instead of only managing existing portfolios.

Risks and Challenges

The acquisition is not without risks:

• Related-party transaction: The seller belongs to the Brookfield group, which can sometimes raise perception concerns.
  
  
• Market cycle uncertainty: Office leasing depends heavily on global economic conditions.
  
  
• Integration demand: Onboarding a 7.7-million-sq-ft campus requires extensive operational focus.
  
  
• Capital market sensitivity: Debt costs and equity market volatility could affect returns.
  

A Turning Point for the Sector

With​‍​‌‍​‍‌​‍​‌‍​‍‌ the purchase of Ecoworld, Brookfield India REIT moves up the ladder to become one of the major and most varied commercial landlords in the nation. The transaction, if carried out successfully, might be instrumental in restoring the trust of the shareholders, motivating other REITs to take similar steps with big assets, and thereby impelling the Indian commercial real estate market to transition into a subsequent phase characterized by consolidation and increased institutional ​‍​‌‍​‍‌​‍​‌‍​‍‌participation.

Sources: The Economic Times, Business Standard.