Marking a landmark deal in India’s commercial real-estate sector, Bharti Enterprises and Brookfield Asset Management announced the successful closure of their joint venture agreement for a 3.3 million square foot portfolio of high-quality commercial properties primarily located in the Delhi-NCR region. As part of this deal, a Brookfield managed private real estate fund now owns 51% stake in this joint venture, while Bharti Enterprises continues with 49% stake. The Enterprise Value for the transaction is INR 5,000 crore.
Brookfield's real estate operating arm, Brookfield Properties, will manage the properties that include - Worldmark Aerocity in Delhi, Airtel Center and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana.
Harjeet Kohli, Joint Managing Director, Bharti Enterprises said, “This transaction with Brookfield for our four 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. 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 >10mm sg ft, this deal will become the template for the yielding and developed assets.”
Ankur Gupta, Managing Partner, Head of Real Estate, APAC region and Country Head - India, Brookfield, said, “We are excited about our partnership with Bharti which entails marquee assets with strong tenancy. 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.”
In India, Brookfield owns and operates over 50 mn sq ft of high-quality commercial real estate assets in all gateway markets of Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata.
Bharti Realty will continue to own and operate its remaining commercial assets, which includes approximately 10 million square feet of upcoming development in Delhi Aerocity and will remain focused on developing premium quality commercial real estate development in key locations.
