Bharti Enterprises and Brookfield Asset Management on Monday announced the successful closure of their joint venture agreement for a 3.3 million square foot portfolio of commercial properties, located in the Delhi-NCR region, with the transaction having an enterprise value of ₹5,000 crore.
As part of this deal, a Brookfield managed private real estate fund now owns 51 per cent stake in the JV while Bharti Enterprises will have the remaining 49 per cent stake. These properties include Worldmark Aerocity (in Delhi), Airtel Centre and Worldmark 65 (Gurugram); and Pavillion Mall (Ludhiana).
According to Harjeet Kohli, Joint Managing Director, Bharti Enterprises, the transaction with Brookfield is a significant milestone and it will be a “template for the yielding and developed assets”. “Bharti will continue to invest substantially to develop more real estate assets,” he said.
Bharti Realty will continue to own and operate its remaining commercial assets, which include the upcoming development in Delhi Aerocity, and also tap other key locations, the company said in a statement. The company has a pipeline of over 10 million sq ft under development.
Ankur Gupta, Managing Partner, Head of Real Estate, APAC region and Country Head - India, Brookfield, said 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,” he said.
In India, Brookfield owns and operates over 50 million square feet of commercial real estate assets covering markets like Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata.