NEW DELHI: Bharti Enterprises and Brookfield, have entered into a joint venture agreement for four commercial properties totalling to 3.3 million sq ft.
“As part of the joint venture, a Brookfield private real estate fund will purchase 51% stake from Bharti Enterprises, which will continue with a 49% economic interest in the properties. The enterprise value for the transaction is Rs 5,000 crore,” the company said.
Brookfield’s real estate operating arm, Brookfield Properties will manage the properties going forward.
The properties include Worldmark Aerocity, a mixed-use property of 1.43 million sq ft in Delhi-NCR, Airtel Center which is a 7 lakh sq ft corporate facility in North Gurugram, Worldmark 65 which is over 7 lakh sq ft mixed-use asset in South Gurugram and Pavillion Mall in Ludhiana.
Bharti Realty, real estate arm of Bharti Enterprises, will continue to own and operate its remaining commercial assets, which includes approximately 10 million sq ft of upcoming development in Delhi Aerocity.
In India, Brookfield owns and operates 47 million sq ft of commercial real estate assets in Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata.
The transaction will be consummated upon receipt of requisite regulatory approvals.