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Brookfield completes deal to pick 51% stake in Bharti Enterprises’ 4 commercial properties

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The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana)

New Delhi: Global investment firm Brookfield has closed a deal to acquire a 51 per cent stake in Bharti Enterprises’ four commercial properties, including Worldmark at Aerocity in the national capital, at an enterprise value of Rs 5,000 crore.

In a statement, Bharti Enterprises and Brookfield Asset Management on Monday announced the successful closure of their joint venture agreement for a 3.3 million square feet portfolio of commercial properties primarily located in the Delhi-NCR region.

The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana).

“As part of this deal, a Brookfield-managed private real estate fund now owns a 51 per cent stake in this joint venture, while Bharti Enterprises continues with a 49 per cent stake. The enterprise value for the transaction is around Rs 5,000 crore,” it added.

Bharti Realty Ltd is the real estate arm of Bharti Enterprises, which has a presence in telecom, real estate, insurance, hospitality and food businesses. The realty arm has developed over 5 million square feet of Grade-A commercial real estate with a diversified product mix of commercial, retail and lifestyle.

Bharti Realty will continue to own and operate its remaining commercial assets, which include about 10 million square feet of upcoming development in Delhi Aerocity and will remain focused on developing premium quality commercial real estate development in key locations.

Harjeet Kohli, joint managing director, Bharti Enterprises said, “Bharti will continue to invest substantially to develop more real estate assets to serve the growing demand for well-managed commercial real estate in India. With a pipeline of more than 10 million square feet, this deal will become the template for the yielding and developed assets.”

Ankur Gupta, Managing Partner, head of real estate, APAC region and country head – India, Brookfield, said, “High-quality real estate in global gateway markets and in particular, the Indian office market, continue to witness high demand from occupiers. We look forward to leveraging our global expertise to build future-ready office environments in India.”

In India, Brookfield owns and operates over 50 million square feet of commercial real estate assets in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata.

Brookfield launched India’s third Real Estate Investment Trust (REIT) in 2021 after successfully raising Rs 3,800 crore through an initial public offer.

Brookfield Asset Management is a leading global alternative asset manager with about USD 800 billion of assets under management across renewable, infrastructure, real estate, private equity, credit and others.

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