Bagmane REIT declares Rs 527cr distribution to unitholders for September quarter
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Bagmane Prime Office REIT announced a distribution of Rs 527 crore to unitholders for the September quarter. The company leased 1.2 million square feet during this period, achieving a committed occupancy rate of 99 percent. Most of the leasing activity was directed towards Global Capability Centres in Bengaluru, which highlights their preference for quality assets. The average rent achieved was slightly above the prevailing market rates, reflecting strong demand.
Bagmane Prime Office REIT on Tuesday declared a distribution of Rs 527 crore to unitholders for the quarter ended September.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.
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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."
With under-construction space already drawing commitments, the next phase of growth is taking shape, he added.
Ashay Shah, Chief Financial Officer, Bagmane Prime Office REIT, said, "This is our first full quarter results since listing. We have declared Rs 1.55 per unit for Q2, taking distributions for the first half to Rs 3.05 per unit.
Bagmane Prime Office REIT owns, operates and manages Grade A+ commercial office business parks in Bengaluru, Karnataka.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
