Brookfield’s real estate operations arm, Brookfield Properties, will manage the properties
Brookfield’s real estate operations arm, Brookfield Properties, will manage the properties
A Brookfield private real estate fund will acquire a 51% interest in four properties from Bharti Enterprises for an enterprise value of ₹5,000 crore.
Commercial properties totaling approximately 3.3 million square feet include Worldmark Aerocity (Delhi), Worldmark 65, Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana).
“As part of the joint venture, a Brookfield private real estate fund will acquire a 51% interest in Bharti Enterprises, which will continue with an economic interest of 49% in the properties. The enterprise value for the transaction is ₹5,000 crore,” Bharti Enterprises said in a statement.
Brookfield’s real estate operations arm, Brookfield Properties, will manage the properties going forward, it said, adding that the transaction will be completed upon receipt of necessary regulatory approvals.
“We remain positive about the commercial real estate segment as India’s economy offers exciting growth opportunities and we continue to invest wisely to grow our assets,” said Harjeet Kohli, Group Director, Bharti Enterprises.
Ankur Gupta, Managing Partner, Head of Real Estate – India and Middle East and Country Head – India, Brookfield, said: “Today tenants appreciate the positive impact that workplaces can have on employee well-being and we see tremendous opportunity for this commercial real estate under management as a result of this transformation.”
In India, Brookfield owns and operates 47 million square feet of quality commercial real estate in six gateway markets, including a major presence in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata.
“Bharti Realty will continue to own and operate its remaining commercial properties, which include approximately 10 million square feet of upcoming development in Delhi Aerocity, and will remain focused on the development of premium quality commercial properties in key locations,” it added.
