The commercial real estate trust produced Rs 765 crore in revenue from operations alongside Rs 684.4 crore in net operating income for the period. Strong operational performance was driven by 1.2 million square feet of total leasing, pushing overall committed occupancy to 99 percent. The entity concluded leases at an average monthly rent of Rs 166 per square foot, securing a 2 percent premium over prevailing market rates. Combined with previous payouts, cumulative distributions for the first half of the fiscal year reached Rs 3.05 per unit.
Key points
Global Capability Centres represented 96 percent of the gross leasing activity across the…: Global Capability Centres represented 96 percent of the gross leasing activity across the office portfolio.
Overall committed occupancy across the firm's commercial parks expanded to 99 percent fol…: Overall committed occupancy across the firm's commercial parks expanded to 99 percent following strong leasing demand.
Distributions for the entire first half of the fiscal year accumulated to a total of Rs 3…: Distributions for the entire first half of the fiscal year accumulated to a total of Rs 3.05 per unit.
Sources checked by our analysis pipeline: 1
In a regulatory filing, the company said it has leased 1.2 million square feet during the second quarter of this fiscal. This includes 0.6 million sq ft of pre-leasing, and raised committed occupancy to 99 per cent.
The company's board declared a distribution to unitholders of Rs 1.55 per unit, amounting to Rs 527 crore.
Of the 1.2 million square feet gross leasing, 96 per cent is to Global Capability Centres (GCCs).
Leases were signed at an average rent of Rs 166 per sq ft per month, 2 per cent above prevailing market rents.
Bagmane's revenue from operations stood at Rs 765 crore while net operating income was Rs 684.4 crore for the September quarter.
Hugh Andrew, Chief Executive Officer, Bagmane Prime Office REIT, said, "Leasing 1.2 million square feet in a single quarter, with half of it committed before the buildings are complete, tells you where global occupiers want to be. GCCs continue to choose Bengaluru, and within Bengaluru they are choosing quality, scale and a landlord that can grow with them."
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