Bharti Enterprises Sells 51% Stake In Four Commercial Properties To Brookfield

Brookfield, a global investment company, has recently completed the acquisition of a 51% share in four commercial properties owned by Bharti Enterprises, including the prominent Worldmark at Aerocity in the capital city, at a total enterprise value of Rs 5,000 crore. In an official statement, Brookfield Asset Management and Bharti Enterprises jointly announced the successful closure of their agreement to establish a joint venture for managing a portfolio of commercial properties spanning 3.3 million square feet, mostly situated in the Delhi-NCR region.

Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurgaon, and Pavillion Mall in Ludhiana are a few of the assets.

"As part of this deal, a Brookfield-managed private real estate fund now owns a 51 per cent stake in this joint venture, while Bharti Enterprises continues with a 49 per cent stake. The enterprise value for the transaction is around Rs 5,000 crore," it added.

The real estate division of Bharti Enterprises, Bharti Realty Ltd, is active in a number of industries, including telecom, real estate, insurance, hospitality, and food. The company has already built more than 5 million square feet of Grade-A commercial real estate with a diverse product mix of commercial, retail, and leisure. Bharti Realty is dedicated to maintaining and running its current commercial assets, which include an impending development in Delhi Aerocity that will total about 10 million square feet. The company will keep its attention on the goal of creating high-end commercial real estate in advantageous locations.

We will continue to invest significantly in developing more real estate assets to cater to the increasing demand for well-managed commercial real estate in India, stated Harjeet Kohli, Joint Managing Director of Bharti Enterprises. He also added that this deal will become the model for yielding and developed assets, as they have a pipeline of over 10 million square feet.

Meanwhile, Ankur Gupta, Managing Partner, Head of Real Estate, APAC region, and Country Head for India at Brookfield, stated that high-quality real estate in global gateway markets, especially in the Indian office market, still experiences high demand from tenants. He expressed his enthusiasm for leveraging their global expertise to build future-ready office spaces in India.

In the major Indian cities of Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata, Brookfield now owns and manages more than 50 million square feet of commercial real estate. The third Real Estate Investment Trust (REIT) in India was created by Brookfield in 2021, and an IPO raised Rs 3,800 crore. With almost USD 800 billion in assets under management spanning the renewable, infrastructure, real estate, private equity, credit, and other sectors, Brookfield Asset Management is a top worldwide alternative asset manager.