Brookfield to buy 51% stake in four Bharti Enterprises assets

Bengaluru: A real estate fund of Canada’s Brookfield Asset Management will buy 51% stake in Bharti Enterprises’s four commercial properties - Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurugram) and Pavillion Mall (Ludhiana) – for an enterprise value of ₹5000 crore.

As part of the joint venture agreement, Bharti Enterprises, which operates in the telecom, insurance, hospitality and food space, will continue to retain 49% economic interest in these properties.

Brookfield’s real estate operating arm, Brookfield Properties will manage the four properties, across 3.3 million sq ft, going forward. The transaction will be consummated upon receipt of requisite regulatory approvals.

Worldmark Aerocity is a mixed-use property of 1.43 million sq ft with a tenant roster comprising financial services firms, global conglomerates and government undertakings. Airtel Center is a 700,000 sq ft corporate facility in North Gurugram, and Worldmark 65 is another 7,00,000 sq ft newly-built mixed-use asset in South Gurugram.

“We are very pleased with this partnership with Bharti and look forward to furthering the positioning of these premium assets. Today, tenants have a heightened appreciation of the positive impact workspaces can have on employee well-being and we see tremendous opportunities for well managed commercial real estate due to this transformation,” said Ankur Gupta, managing partner, head of real estate - India and Middle East and Country Head - India, Brookfield.

In India, Brookfield owns and operates 47 million sq ft of commercial real estate assets in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata. It has over $20 billion of assets under management across real estate, infrastructure, renewable and private equity in the country.

“We are pleased to have entered into a JV with Brookfield for our four marquee assets in North India. We remain confident on the commercial realty segment as India’s economy offers exciting growth opportunities ahead and will continue to invest meaningfully to scale up our assets,” said Harjeet Kohli, Group Director, Bharti Enterprises.

Bharti Realty, the real estate arm of Bharti Enterprises, will continue to own and operate its remaining commercial assets, which includes around 10 million sq ft of upcoming development in Delhi Aerocity and focus on developing commercial real estate projects.