Brookfield buys 51 pc stake in 4 properties of Bharti group at Rs 5,000 cr enterprise value

The enterprise value for the transaction is Rs 5,000 crore, Bharti Enterprises said in a statement.Enterprise value means the total value of these four properties including debt.The company, however, did not disclose the actual deal value.The transaction will be consummated upon receipt of requisite regulatory approvals.Brookfields real estate operating arm, Brookfield Properties, will manage the properties going forward.Worldmark Aerocity is a mixed-use property of 1.43 million square feet in Delhi NCR.

Global investment firm Brookfield has agreed to buy 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 announced that they have entered into a joint venture for four commercial properties totalling to 3.3 million square feet.

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

''As part of the joint venture, a Brookfield private real estate fund will purchase a 51 per cent stake from Bharti Enterprises, which will continue with a 49 per cent economic interest in the properties. The enterprise value for the transaction is Rs 5,000 crore,'' Bharti Enterprises said in a statement.

Enterprise value means the total value of these four properties including debt.

The company, however, did not disclose the actual deal value.

The transaction will be consummated upon receipt of requisite regulatory approvals.

Brookfield's real estate operating arm, Brookfield Properties, will manage the properties going forward.

Worldmark Aerocity is a mixed-use property of 1.43 million square feet in Delhi NCR. Airtel Center is a 700,000 sq ft corporate facility located in North Gurgaon, and Worldmark 65 is another 7,00,000+ sq ft newly built mixed-use asset in South Gurgaon.

Harjeet Kohli, Group Director, Bharti Enterprises said, ''We are pleased to have entered into a JV with Brookfield for our four marquee assets in North India.'' Kohli remains confident about the commercial realty segment as India's economy offers exciting growth opportunities ahead and will continue to invest meaningfully to scale up its assets.

''We are very pleased with this partnership with Bharti and look forward to furthering the positioning of these premium assets. Today tenants have a heightened appreciation of the positive impact workspaces can have on employee well-being and we see tremendous opportunities for well managed commercial real estate due to this transformation,'' said Ankur Gupta, Managing Partner, Head of Real Estate - India and Middle East and Country Head-India, Brookfield.

In India, Brookfield owns and operates 47 million sq ft of commercial real estate assets in six gateway markets including a large presence in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata.

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

At present, there are three listed REITs -- Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust -- on Indian stock exchanges.

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

Bharti Realty Ltd is the real estate arm of Bharti Enterprises, one of India's leading business groups with interests in telecoms, space, real estate, insurance, hospitality and food.

Bharti Realty aims to undertake world-class commercial realty developments in marquee locations. The company has developed and manages almost 5 million sq ft of Grade-A commercial real estate with a diversified product mix of commercial, retail and lifestyle. It is currently developing 10 million sq ft retail and mixed-use of real estate space in Delhi NCR.

Brookfield is a leading global alternative asset manager with about USD 690 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)