As part of the JV, Brookfield private real estate fund will purchase a 51% stake from Bharti Enterprises. Bharti’s real estate unit Bharti Realty will continue to own and operate its remaining commercial assets.
Sunil Mittal’s conglomerate Bharti Enterprises has entered into a joint-venture agreement with US-listed firm Brookfield Asset Management at an enterprise value of Rs 5,000 crore, to run four of Bharti’s prime commercial properties. “As part of the joint venture, a Brookfield private real estate fund will purchase a 51% stake from Bharti Enterprises, which will continue with a 49% economic interest in the properties,” the companies said in a joint statement Friday.
Bharti’s real estate unit Bharti Realty will continue to own and operate its remaining commercial assets, including about 10 million square feet of upcoming developments in Delhi Aerocity, the company 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,” Harjeet Kohli, Group Director, Bharti Enterprises, said.
A total of four commercial properties in New Delhi, Ludhiana and Gurgaon would be part of the agreement. Brookfield’s real estate operating unit, Brookfield Properties, will manage the properties going forward, according to the statement. The properties are for an area spanning 3.3 million square feet including Bharti’s Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana), it added.
Bharti Enterprises is a diversified conglomerate founded by Sunil Bharti Mittal in 1976. It operates in areas such as real estate, telecom, financial services and more. The company’s Worldmark Aerocity is a mixed-use property of 1.43 million square feet in Delhi NCR while Airtel Center is a 700,000 square feet corporate facility located in North Gurgaon. Worldmark 65 is another 7,00,000 square feet newly built mixed-use asset in South Gurgaon.
Ankur Gupta, Managing Partner, Head of Real Estate – India and Middle East and Country Head – India, Brookfield, said through its partnership with Bharti, Brookfield will look forward to further the positioning of these commercial assets. In India, Brookfield currently owns and operates 47 million square feet of commercial real estate assets in Delhi NCR, Mumbai, Bengaluru, Chennai, Pune and Kolkata. Globally, Brookfield is one of the market leaders in real estate and manages a total of 167 million square feet.
https://www.financialexpress.com/industry/sunil-mittals-bharti-enterprises-sells-4-commercial-assets-to-brookfield-in-rs-5000-crore-deal/2478628/
