At an enterprise value of Rs 5,000 crore, international investment company Brookfield has finalized a deal to purchase a 51% stake in the four commercial properties owned by Bharti Enterprises, including Worldmark at Aerocity in the nation’s capital, as per the statement released on Monday, May 1.
The Merger
As per CNBCTV, Monday saw the successful completion of the joint venture agreement between Bharti Enterprises and Brookfield Asset Management for a portfolio of commercial properties totaling 3.3 million square feet, most of which are situated in the Delhi-NCR area.
In addition to Worldmark Aerocity in Delhi, Worldmark 65 and Airtel Centre in Gurgaon, and Pavillion Mall in Ludhiana are among the assets.
The remaining commercial assets of Bharti Realty, including the approximately 10 million square feet of future construction in Delhi Aerocity, will continue to be owned and operated by the company. Bharti Realty will continue to concentrate on creating high-end commercial real estate developments in strategic locations.
According to Harjeet Kohli, Joint Managing Director of Bharti Enterprises, the company will continue to make sizable investments in developing more real estate assets to meet the rising demand for professionally handled commercial real estate in India. This purchase will serve as a model for producing and developing assets with a pipeline of more than 10 million square feet.
About Brookfield
With roughly USD 800 billion in assets under management spanning renewable, infrastructure, real estate, private equity, credit, and other asset classes, Brookfield Asset Management is a top worldwide alternative asset manager.
In India, Brookfield owns and manages commercial real estate properties totaling more than 50 million square feet in the cities of Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata.
The third Real Estate Investment Trust (REIT) in India was launched by Brookfield in 2021 following a successful IPO that raised Rs 3,800 crore.
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