While all Performance Standards are applicable to this investment, IFC’s environmental and social due diligence indicates that the investment will have impacts which must be managed in a manner consistent with the following Performance Standards

PS 1 - Assessment and Management of Environmental and Social Risks and Impacts
PS 2 - Labor and Working Conditions
PS 3 - Resource Efficiency and Pollution Prevention
PS 4 - Community Health, Safety and Security

This is a Category B project according to IFC's Environmental and Social Sustainability Policy, 2012. This is because the Project entails mostly operational assets. The key E&S risks and issues associated with this Project include: company's E&S management system and organizational capacity to identify and manage E&S risks and impacts, including stakeholder engagement and grievance redressal mechanism, labor compliance and working conditions, energy and water consumption, and life and fire safety (“L&FS”)

IFC’s appraisal considered the environmental and social management planning process and documentation for the Project and gaps, if any, between these and IFC’s requirements. Where necessary, corrective measures, intended to close these gaps within a reasonable period of time, are summarized in the paragraphs that follow and (if applicable) in an agreed Environmental and Social Action Plan (ESAP). Through implementation of these measures, the Project is expected to be designed and operated in accordance with Performance Standards objectives.

PS 1: Assessment and Management E&S Risks and Impacts
IFC assessed the E&S Management System of the Brookfield India Real Estate Trust (BIRET) in December 2024 (Refer to ESRS for #50449 available at https://disclosures.ifc.org/project-detail/ESRS/50449/brookfield-reit ). With the successful implementation of ESAP, BIRET has established a robust framework that aligns with the IFC Performance Standards. The organization operates under an overarching Environmental, Social, and Governance (ESG) policy that aligns with IFC Performance Standards and incorporates commitments to Net-Zero goals, biodiversity conservation, and ethical governance. Its Environmental and Social Management System (ESMS), accredited with ISO 14001 (Environmental Management) and ISO 45001 (Occupational Health and Safety) certifications, is implemented across all operational assets. The organization’s EHSS manual outlines management procedures designed to meet national regulations and IFC standards, ensuring effective identification, assessment, and mitigation of environmental and social risks.
BIRET employs a multi-layered compliance mechanism, including internal and external audits, monitoring tools, and senior management reviews to ensure adherence to PS1 requirements. The organization has implemented structured grievance mechanisms for both on-roll employees and agency workers, ensuring stakeholder engagement and transparency. Emergency Preparedness and Response (EPR) plans are communicated to tenants, contractors, and government authorities, while monitoring systems track Key Performance Indicators (KPIs) and conduct audits for fire safety, energy efficiency, and water management. BIRET’s governance structure, led by the board of directors of the Manager and supported by its senior management and asset-level operations teams, ensures accountability and continuous improvement in environmental and social performance. No material gaps were identified during the appraisal. Overall, BIRET’s commitment to sustainability, risk management, and stakeholder engagement reflects strong compliance with PS1 standards.

PS2: Labor and Working Conditions
Each asset under Brookfield India REIT is owned by a Special Purpose Vehicle (SPV) who engage personnel via third-party agencies appointed by the International Property Consultancies (IPC’s) or directly for facility management services including housekeeping, horticulture, security, facade cleaning, and technical services (electrical, plumbing, HVAC). BIRET's HR policies apply to all on-roll employees and are administered by the HR department Third-party agencies apply their own policies where relevant or legally required. Although none of the SPVs have workers' unions, freedom of association is recognized in accordance with Indian labor law, Brookfield's Global Human Rights and Anti-Slavery Policy, and the Vendor Code of Conduct.
A structured grievance redressal system is in place for both direct and third-party employees, with multiple reporting channels, escalation procedures, and anonymous feedback options. Compliance with the POSH Act is ensured through Internal Complaints Committees at each SPV and contractor level, supported by regular training and awareness programs.
Brookfield India REIT promotes engagement through a Consultation Forum, which meets monthly with IPC and contractor representatives to address workforce issues. The company has had no retrenchments in its assets and upholds freedom of association within the considerations of the local law, though no employee associations have been formed to date. Occupational Health and Safety (OHS) is prioritized through a formal management system, regular safety training, protective equipment usage, mock drills, and incident reporting, with no fatalities or major accidents recorded. Labor compliance is monitored through a three-tier system: initial oversight by the IPC, monthly audits by an external agency, and annual audits by another third party with a broader scope. Any observations identified are addressed promptly to ensure adherence to labor laws and standards.

PS3: Resource Efficiency and Pollution Prevention
BIRET has demonstrated compliance with PS3 through its commitment to sustainable operations and resource optimization. The organization has implemented measures to enhance energy and water efficiency, reduce greenhouse gas emissions, and manage waste responsibly across its portfolio. BIRET aligns its practices with IFC Performance Standards and World Bank Group EHS Guidelines, ensuring adherence to national regulations and global sustainability benchmarks.
BIRET demonstrates compliance with PS3 through its focus on energy efficiency, water conservation, and waste management across its portfolio. Most assets are certified with a Bureau of Energy Efficiency (BEE) 5-star rating. BIRET actively monitors greenhouse gas emissions and conducts energy and water audits to ensure sustainable operations. The measures, such as rainwater harvesting systems and wastewater recycling, are integrated into its assets.

PS4: Community Health and Safety:
Brookfield India Real Estate Trust (BIRET) demonstrates compliance with PS4 through the implementation of robust safety measures, emergency preparedness plans, and security protocols across its assets. BIRET ensures fire and life safety compliance, conducts regular audits, and integrates tenant fire systems with centralized monitoring.

BIRET ensures stakeholder engagement through structured procedures for internal and external stakeholders, including employees, tenants, communities, contractors, and government authorities. A comprehensive grievance redressal mechanism, accessible both online and offline, facilitates transparent communication and resolution of concerns.

Company Name: Brookfield India Real Estate Trust (acting through its manager Brookprop Management Services Private Limited)
Point of Contact: Mukund Kumar
Title: Assistant Vice President
Telephone Number: +91-22-45832450
Email: mukundkrishnan.kumar@brookfieldproperties.com; reit.compliance@brookfield.com
Mailing Address : Godrej BKC, Office No. 2, 4th Floor, Plot C-68, 3rd Avenue, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai, Maharashtra – 400051
Website https://www.brookfieldindiareit.in/

Broad Community Support is not applicable for this project.

ESAP is not applicable for the project.
There's an existing ESAP from a previous investment