Brookfield, Bharti Enterprises close Rs 5,000-crore deal

A Brookfield managed real estate fund will now own a 51 percent controlling stake in the joint venture, while Bharti Enterprises would continue to hold a 49 percent stake. The enterprise value of the transaction is Rs 5,000 crore, the two companies said in a statement

Bharti Enterprises and Brookfield Asset Management on May 1 announced the closure of a joint venture agreement for a 3.3 million square feet portfolio of commercial properties in the Delhi-NCR region and Punjab.

A Brookfield managed real estate fund will now own a 51 percent controlling stake in the joint venture, while Bharti Enterprises would continue to hold a 49 percent stake. The enterprise value of the transaction is Rs 5,000 crore, the two companies said in a statement.

These properties are Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Punjab’s Ludhiana city.

“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, said.

Bharti Realty will continue to own and operate its remaining commercial assets, which includes approximately 10 million square feet of upcoming development in Delhi’s Aerocity. It will remain focused on developing premium quality commercial real estate in key locations, the statement said.

Bharti would continue to develop more real estate assets to serve the growing demand for well-managed commercial real estate in India, Kohli said.

In India, Canada-based Brookfield owns and operates over 50 million square feet of commercial real estate in Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata markets.

" 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,” said Ankur Gupta, Managing Partner, Head of Real Estate, APAC region and Country Head - India, Brookfield.