Brookfield Acquires 51% Stake In Bharati's Realty Firm As part of the deal, Bharti Enterprises will continue with a 49% stake
By Teena Jose •
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Canada-based asset management firm Brookfield, on Monday, has acquired 51% stake in telecom giant Sunil Mittal-backed Bharti Enterprises' four commercial properties, including Worldmark at Aerocity in the national capital. The deal was closed at an enterprise valuation worth INR 5,000 crore, where the size of the deal has not been disclosed yet.
As per available reports, Brookfield had agreed to buy a majority stake in the four commercial properties in April 2022. As part of the deal, a Brookfield-managed private real estate fund now owns a 51% stake in this joint venture, while Bharti Enterprises continues with a 49% stake.
"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. This transaction with Brookfield for our marquee properties in North India is a significant milestone for us to partner with a global infrastructure investor with deep and rich experience and insights into real estate," said Harjeet Kohli, joint managing director, Bharti Enterprises, in a statement.
The four commercial properties are Worldmark Aerocity in Delhi, Airtel Centre, Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana (Punjab). Post the closure, Bharti will continue to own and operate its remaining commercial assets, which include approximately 10 million square feet of upcoming development in Delhi's Aerocity.
In India, Brookfield reportedly owns and operates over 50 million square feet of commercial real estate assets in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata.
"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," Ankur Gupta, Managing Partner, head of real estate, APAC region and country head - India, Brookfield, said in the statement.
Brookfield launched a Real Estate Investment Trust (REIT) in 2021 after successfully raising INR 3,800 crore through an initial public offer, whereas, Bharti Realty Ltd is the real estate arm of Bharti Enterprises, which has a presence in telecom, real estate, insurance, hospitality and food businesses.
