Brookfield, Bharti enter into real estate JV with Rs 5,000-cr deal

Brookfield, a private real estate fund, will purchase a 51 per cent stake from Bharti Enterprises of four properties totalling 3.3 million square feet

Bharti Enterprises and Brookfield have entered into a joint venture agreement for four commercial properties totalling 3.3 million square feet at an enterprise value of Rs 5,000 crore.

As part of the joint venture Brookfield, a private real estate fund, will purchase a 51 per cent stake from Bharti Enterprises, which will continue with a 49 per cent economic interest in the properties. The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana).

Brookfield’s real estate operating arm, Brookfield Properties, will manage the properties going forward. Worldmark Aerocity is a mixed-use property of 1.43 million sqft in Delhi NCR with a diverse tenant roster comprising marquee financial services firms, global conglomerates and reputed government undertakings. 

Airtel Center is a 700,000 sqft state-of-the-art corporate facility located in North Gurgaon, and Worldmark 65 is another 7,00,000+ sqft newly built mixed-use asset in South Gurgaon.

 Harjeet Kohli, Group Director, Bharti Enterprises said, “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.”

In India, Brookfield owns and operates 47 million sqft of commercial real estate assets in six gateway markets including a large presence in Delhi NCR, Mumbai,  Bengaluru, Chennai, Pune and Kolkata.

Ankur Gupta, Managing Partner, Head of Real Estate - India and Middle East and Country Head - India, Brookfield, said, "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." 

Bharti Realty will continue to own and operate its remaining commercial assets, which includes approximately 10mn sqft of upcoming development in Delhi Aerocity and will remain focused on developing premium quality commercial real estate development in key locations.

The transaction will be completed upon receipt of requisite regulatory approvals.