Brookfield buys 51% stake in four assets of Bharti Enterprises

Bengaluru: A real estate fund from the Canadian company Brookfield Asset Management will buy a 51% stake in the four commercial properties of Bharti Enterprises – Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurugram) and Pavillion Mall (Ludhiana) – for a enterprise value of 5000 crore.

Under the joint venture agreement, Bharti Enterprises, which operates in the telecommunications, insurance, hotel and restaurant sectors, will continue to retain a 49% economic interest in these properties.

Brookfield’s real estate operating arm, Brookfield Properties, will manage the four properties, spread over 3.3 million square feet, going forward. The transaction will close upon receipt of the required regulatory approvals.

Worldmark Aerocity is a 1.43 million square foot mixed-use property with a tenant roster including financial services companies, global conglomerates and government enterprises. Airtel Center is a 700,000 square foot corporate facility in North Gurugram, and Worldmark 65 is another newly constructed 7,00,000 square foot mixed-use asset in South Gurugram.

“We are very pleased with this partnership with Bharti and look forward to continuing to position these premium assets. Today, tenants are more appreciative of the positive impact workspaces can have on employee well-being and we see huge opportunities for well-managed commercial real estate due to this transformation,” said Ankur. Gupta, Managing Partner, Head of Real Estate – India and Head of Middle East and Country – India, Brookfield.

In India, Brookfield owns and operates 47 million square feet of commercial real estate assets in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata. It has over $20 billion in assets under management in real estate, infrastructure, renewable energy and private equity in the country.

“We are delighted to have entered into a joint venture with Brookfield for our four flagship assets in North India. We remain confident in the commercial property segment as the Indian economy offers exciting growth opportunities and we will continue to invest significantly to develop our assets,” said Harjeet Kohli, Group Director, Bharti Enterprises.

Bharti Realty, the real estate arm of Bharti Enterprises, will continue to own and operate its remaining commercial assets, which include approximately 10 million square feet of upcoming development at Delhi Aerocity and will focus on the development of commercial real estate projects.

To subscribe to Mint Bulletins

* Enter a valid email address

* Thank you for subscribing to our newsletter.

Download the app to get 14 days of unlimited access to Mint Premium absolutely free!

Comments are closed.