Brookfield India REIT teams up with Nuvama and Cushman & Wakefield to acquire three office floors in BKC for INR 17 billion, reinforcing its presence in India’s key commercial district amid rising rental demand and low vacancy rates.
Brookfield India REIT is joining forces with a fund run by Nuvama and Cushman & Wakefield to buy three office floors in Mumbai’s Bandra-Kurla Complex for INR 17 billion ($178.2 million), deepening both groups’ exposure to one of India’s tightest commercial districts. According to an investor update, the listed trust and NCW’s Prime Offices Fund have signed binding agreements for 264,000 square feet at Godrej BKC in the G Block of the financial hub.
Completion is expected by September 30, subject to unitholder and other approvals, and Brookfield will continue to manage the property after the sale. The floors are leased to tenants in financial services, property and technology. At the time of the announcement, the space was 89% leased, including letters of intent, and is expected to be fully committed by closing. The deal values the property at about INR 64,398 per square foot and comes at a roughly 4% discount to the average of two independent valuations.
Brookfield India REIT chief executive Shashank Jain said the asset adds “institutional-quality office space” in a market that is hard to replicate because of its tenant mix, transport links and rental growth. NCW chief investment officer Gaurav Puri said the purchase gives the fund its first foothold in Mumbai through BKC, which he described as India’s leading front-office market. The broader context is favourable: Cushman & Wakefield said Mumbai recorded 4.1 million square feet of gross office leasing in the second quarter, while BKC vacancy remains below 4%, underscoring the scarcity value of the district.
The transaction also reflects the growing reach of Prime Offices Fund, which Nuvama and Cushman & Wakefield first closed in January 2025 with about INR 1,700 crore and then said in July 2026 had reached a final close of INR 4,000 crore. Since then, the fund has moved quickly, acquiring Prius Platinum in Delhi, a 2.4 million square foot campus in Chennai from Keppel and a stake in a Grade A asset in Pune, while targeting a portfolio with gross asset value of more than INR 10,000 crore. For Brookfield India REIT, the deal is smaller than its landmark Ecoworld campus purchase in Bengaluru last year, but it still strengthens a portfolio that reported 93% committed occupancy in the June quarter and continues to benefit from rent levels in BKC that are below estimated market rates.
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