CRE Prime Mover is office space, BIRET focus 100%.
In the fast-changing Indian office market, long-term success and flexibility tend to mark the boundary between long term winners and their counterparts. The type of trusts, which expect regulatory turbulence and build in a sustainable
platform, and align with new demand paths, are particularly well-positioned to enjoy returns of structural growth. One of these institutions is taking advantage of its financial flexibility, an ideal city location, and a subtle understanding of tenant preferences to navigate across this landscape. This is carefully balancing growth opportunities and efficiency in its operations by which it is maneuvering both short-term profitability and long-term value generation in an industry that is increasingly being shaped by multinational companies and office architecture of high quality.
We Initiate buy with a price target of INR 425
Two aspects where BIRET tops the charts; first is the current carrying yield which is around 6.25% and the second is the current valuation it is available at on the basis of P/B and DCF method at above the CMP. BIRET’s management
pedigree and its RE portfolio is excellent with key metrics such as occupancy, marquee tenancy and segment it caters to being class leading provides investors with above average safety net. We believe that over the next 2-3 years and stable yield and stable yet growing high value RE portfolio could help investors reap low double digit returns. We assign a valuation multiple of a 1.0x of its FY27F Investment book to arrive at our target price for INR 424.
The India REIT Report – Outlook 2026 is attached below.
India_REIT_Outlook_Report_JAN_10_2026_Full_Report