Brookfield, Bharti Enter Commercial Real Estate JV Worth Rs 5,000 Cr
Brookfield Asset Management says deal marks its commitment to build 'future-ready office environments' in India
Pratigya Yadav New Delhi
Bharti Enterprises
Listen to This Article
Canada’s Brookfield has signed a deal to acquire a 51 per cent stake in Bharti Enterprises' four commercial properties in Delhi-NCR at an enterprise value of Rs 5,000 crore.
The properties, spread over 3.3-million square feet, are Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana). "As a part of this deal, Brookfield managed private real estate fund now owns 51 per cent stake in this joint venture, while Bharti Enterprises continues with 49 per cent stake,” said Bharti Enterprises in a statement.
Bharti Realty, a real estate arm of Bharti Enterprises has developed more than 5 million square feet of grade-A commercial real estate with a diversified product mix of commercial, retail and lifestyle. It is developing more than 10 million square feet retail and mixed-use real estate space in Delhi NCR.
The company will continue to own and operate its remaining commercial assets, which includes 10 million square feet of upcoming development in Delhi Aerocity.
“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.
Ankur Gupta, managing partner, head of real estate, APAC region and country head - India, Brookfield, said that high-quality real estate continues to get high demand in India and abroad. “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 in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad and Kolkata.
Brookfield Asset Management is a global alternative asset manager with approximately $800 billion of assets under management in renewables, infrastructure, real estate, private equity, credit and other sectors.
First Published: May 01 2023 | 6:03 PM IST
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more
Stablecoin The Future Of Currency?
The payments system is undergoing a quiet but consequential shift. What was once the exclusive preserve of central banks... Read more
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more