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