Brookfield India Real Estate Trust acquires 50% stake in Grade A assets from Bharti Enterprises

May 16, 2024

Brookfield India Real Estate Trust (BIRET) has signed binding agreements to acquire a 50 per cent stake in four Grade A assets from Bharti Enterprises, the company said in a statement. 

The acquisition includes marquee commercial properties totalling 3.3 million square feet at an enterprise value of ₹6,000 crore. 

The total equity consideration for the 50 per cent stake will be fulfilled through a preferential allotment of units in BIRET to Bharti at ₹300 per unit. 

“Following this, Bharti, will become the second largest unitholder in BIRET, with an ownership stake of 8.53 per cent,” the statement said. 

The portfolio of assets includes operating Worldmark assets at Aerocity New Delhi, a mixed-use property covering 1.4 million square feet; Airtel Centre, a state-of-the-art corporate facility covering 7,00,000 square feet in North Gurugram; and Worldmark Gurugram, a mixed-use asset spanning over 7,00,000 square feet. 

These assets are in established office micro-markets, with excellent connectivity, modern retail and F&B offerings that create a vibrant live-work-play environment, the statement further added. 

Ankur Gupta, Managing Partner, Head of Real Estate for the Asia Pacific region, Brookfield, said, “With this acquisition, we add New Delhi to our portfolio making BIRET the most diverse office REIT in India. These high-quality assets with strong tenancy also increase our retail operating area to 1 million square feet.”

Kotak Mahindra Capital Company acted as BIRET’s financial advisor. Khaitan & Co and Shardul Amarchand Mangaldas represented BIRET as its legal counsel; while Cyril Amarchand Mangaldas represented Bharti as its legal counsel.

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