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MUMBAI: Brookfield India Real Estate Trust, India’s only institutionally managed public commercial real estate vehicle, is well poised to benefit from recovery in real estate market as well as significant increase in offshoring trends for the large IT companies which form majority chunk of the REIT tenant base, according to a note by domestic brokerage JM Financial Institutional Securities.
While initiating coverage with a 12 months target price of Rs 280 as against the current market price of Rs 232,
JM Financial said that Brookfield India REIT offers a compelling value proposition with a global parentage of Brookfield Group and a stable portfolio of 75% of the rentals from MNCs with committed same store occupancy of 91% as of February 2021.
Shares of recently listed companies, Home First Finance Company, Heranba Industries, Brookfield India Real Estate Trust REIT and Nureca hit their respective lows since listing on the bourses. These stocks were down between 2 per cent and 8 per cent on the BSE in the intra-day trade on Monday. In comparison, the S&P BSE Sensex was down 1.7 per cent at 49,925 points at 02:04 pm.
Shares of agrochemicals company Heranba Industries, for instance, slipped 7 per cent to Rs 708 on the BSE. With today’s fall, the stock has declined 25 per cent from its listing day high of Rs 945 hit on March 5, 2021. The stock had made a strong debut at Rs 900, a 43.5 per cent premium against the issue price of Rs 627 per share.
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