India’s first ever real estate investment trust (REIT) has outperformed Asian peers since its debut in late March, helped by a low interest rate environment that’s forcing investors to look elsewhere for yield.

The Blackstone Group Embassy Office Parks REIT has risen 21% since its listing, beating indexes that track REITs in Singapore and Japan.

Interest rates in India are on a downward trajectory and the Indian central bank has cut borrowing costs three times already this year, with further easing expected.

REITs offer a fixed return from a pool of rent-yielding assets, along with the prospect of capital appreciation. Embassy operates around 33m square feet of office space and has marquee tenants including Microsoft and Rolls-Royce. The REIT should see compound annual growth in rental income of around 16% through 2023, analysts at Kotak Securities wrote in a report last month.

Rental income will receive a boost from re-pricing of old contracts at higher amounts and a better mix of occupants as leases are renewed, the report said.