Brookfield to buy 51% stake in Bharti Enterprises’ 4 commercial properties for ₹5,000 crore

April 1, 2022
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New Delh, April 1: Canadian real estate fund Brookfield will pick up a 51 per cent stake in four commercial properties of Bharti Enterprises for an enterprise value of ₹5,000 crore.

The properties, Worldmark Aerocity (Delhi), Worldmark 65, Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana), have a total area of 3.3 million square feet.

Bharti Enterprises will continue to hold a 49 per cent stake in the properties.

“Bharti Enterprises and Brookfield, have entered into a joint venture agreement for four high quality commercial properties totalling 3.3 million square feet,” a press release from Bharti Enterprises said, adding that Brookfield’s real estate operating arm, Brookfield Properties, will manage the properties going forward..

The transaction will be consummated upon receipt of requisite regulatory approvals, the statement added.

Harjeet Kohli, Group Director, Bharti Enterprises, said the company is confident of the commercial realty segment as India’s economy offers exciting growth opportunities and it will continue to invest meaningfully to scale up its assets.

Worldmark Aerocity is a mixed-use property having 1.43mn sq ft in Delhi-NCR. The tenant roster includes marquee financial services firms, global conglomerates and government undertakings.

Airtel Center is a 700,000 sq ft orporate facility located in North Gurgaon. Worldmark 65 offers over 7,00,000 sq ft of new, mixed-use property in South Gurgaon.

“We see tremendous opportunities for well managed commercial real estate,” said Ankur Gupta, Managing Partner, Head of Real Estate – India and Middle East and Country Head – India, Brookfield. He added that tenants nowadays appreciate the positive impact workspaces have on employee wellbeing.

In India, Brookfield owns and operates 47 mn sq ft of high-quality commercial real estate assets in six cities — Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata.

Bharti Realty, the real estate arm of Bharti Enterprises, will continue to own and operate its remaining commercial assets, including approximately 10 mn sq ft coming up in Delhi Aerocity, and “will focus on developing premium quality commercial real estate in key locations”.

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April 01, 2022

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